Average 2- and 5-year fixed mortgage rates increase further

The average 2- and 5-year fixed rate mortgages have increased further, according to Moneyfacts.

Yesterday saw rates hit a 14 year high of 6.11% for a 2-year fix and 6.02% for a 5-year.

Those rates now stand at 6.16% for 2-year fixes and 6.07% for 5-years

The increasing averages come as product availability starts to increase following withdrawals in the wake of the mini-Budget.

Yesterday the Chancellor pledged to work with the market to provide the best value on mortgage rates.

Following a meeting with senior bankers the Treasury issued a readout that said: “While it is the responsibility of the sector to provide the best value for mortgage rates, the Chancellor confirmed that the Treasury would continue to work closely with the sector in the weeks and months ahead.”

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