Average mortgage rates edge up again after brief fall, market data shows

More than 2.4 million fixed deals are set to expire from summer to the end of 2024 landing households with markedly higher mortgage payments than during the years of ultra-low interest rates.

mortgage

Fixed mortgage rates have risen again after a brief fall, according to the latest market data.

The average two-year homeowner mortgage rate on the market edged back up to 6.8% on Friday from 6.79% yesterday, financial information company Moneyfacts said.

Five-year fixes have also risen slightly back to 6.32%, up from 6.31% on Thursday.

The majority of UK mortgage holders are on fixed-rate deals.

On Wednesday, it emerged inflation had fallen more quickly than expected, giving a glimmer of hope for under-pressure mortgage borrowers.