Fresh fears for homeowners and buyers as mortgage rates creep back up

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"Average two and five-year fixed mortgage rates have seen their first month-on-month increase since February, signalling a fresh challenge for homeowners and prospective buyers. This uptick marks a notable shift in the lending landscape after a period of relative stability. According to financial information website Moneyfacts, which meticulously tracks market rates at the start of each month, the average two-year fixed-rate mortgage across all deposit sizes rose from 4.96 per cent in September to 4.98 per cent in October."

"Moneyfacts attributed these adjustments to "mixed moves" from various lenders across the market. The average two-year fixed-rate mortgage across all deposit sizes rose from 4.96 per cent in September to 4.98 per cent in October (PA Archive) This trend has also contributed to an extended shelf-life for mortgage products, with the average duration a deal remains available increasing to 22 days in October, up from 17 days in September."

The Independent deploys reporters to cover issues including reproductive rights, climate change and Big Tech, and solicits donations to fund on-the-ground journalism without paywalls. Donations enable journalists to interview sources on both sides and keep quality reporting accessible to all. Average two- and five-year fixed mortgage rates experienced their first month-on-month increase since February, signaling challenges for homeowners and buyers. Moneyfacts reported the average two-year fixed-rate rose from 4.96% in September to 4.98% in October, while the five-year rate moved from 5.00% to 5.02%. The average availability of mortgage deals increased to 22 days from 17 days.

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