UK mortgage rates reach one-month high

UK mortgage rates have increased to levels seen a month ago, driven by renewed tensions in the Middle East and rising oil prices, which have heightened fears of inflation and reduced prospects for interest rate cuts. The five biggest high street banks and other lenders have raised interest rates on new fixed-rate deals, with the average two-year fixed rate now at 5.58% and the five-year fixed rate at 5.6%. Despite remaining below the peak rates seen during the Iran conflict, experts warn that mortgage costs are likely to stay elevated in the near term amid ongoing market uncertainty.

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