Five-year fixed mortgage rate reaches 6%

The average five-year fixed mortgage rate in Great Britain has reached 6%, its highest level since September 2023, due to turmoil in bond markets and increased expectations of a Bank of England rate rise. Despite no change in the Bank's base rate since December of the previous year, volatility has driven up mortgage costs, reducing the number of deals below 5% to just nine options. Higher mortgage rates are impacting the housing market by making borrowing more expensive and reducing affordability for potential buyers.

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