Moneyfacts reports that the average rate on a 2-year fixed mortgage in the UK has risen to over 6%, reaching 6.01%, an increase from 5.98% on Friday and 5.26% at the start of May. This increase brings average 2-year fixed mortgage rates back towards the levels witnessed in the turmoil following the mini-Budget last autumn when rates reached 14-year highs. Longer-term fixed-rate mortgages are also becoming more expensive, with the average 5-year fixed rate climbing to 5.67%, up from 5.62% on Friday. These figures mirror financial market expectations that the Bank of England will implement several interest rate hikes this year. Markets predict that rates could reach 5.75% by the end of the year. Read Expert Reaction:
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Link to Original Article: The Intermediary Magazine - Average 2-year fix rate mortgage hits 6%