Property News | 5-Year Fixed Mortgage Rates Fall Back Below 6%

After the government’s ill-fated “mini” Budget, mortgage rates on five-year fixed deals have fallen below 6% for the first time in almost two months. This is an indication that the UK housing market is adjusting back to normal levels.

Good news for buyers

Following the government’s mini-Budget in September, mortgage rates increased, raising borrowers’ costs. However, the latest data from Moneyfacts has shown that the average five-year fixed mortgage rate fell below 6% touching 5.9% for the first time in seven weeks on Tuesday and remained there on Wednesday. This is down from the peak of 6.51% on October 20.

The more popular two-year mortgage rates have also been gradually dropping, from 6.65% on October 20 to 6.14% today.

Rachel Springall, a finance expert at Moneyfacts stated:

“Borrowers who paused their home ownership plans, or indeed parked the idea of refinancing, may now be tempted to scrutinise the latest deals on offer.”

This decrease shows a positive outlook for mortgages, as they continue to settle down and adjust to the new market.

At Miller Metcalfe, we can provide you with FREE expert financial advice along with the best mortgage and insurance deals on the market right now.

And better yet, there are no upfront charges!

Try our free mortgage calculator to see what your repayments could be…


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