Five-year mortgage rate reaches 6% for first time in three years

The average five-year fixed mortgage rate has risen to 6% for the first time in three years, driven by increasing costs among lenders amid global economic uncertainty and rising government bond yields. This has led to a sharp decline in available deals below 5%, with only nine such deals remaining compared to nearly 1,500 earlier in September. The higher rates are expected to increase mortgage repayments for millions of homeowners, just as energy and fuel costs are also rising.

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