"It's unwelcome news for borrowers, as hopes of steadily falling mortgage rates have collapsed and given way to a much more uncertain outlook."
"More than 530 homeowner mortgage deals were pulled from the market since Monday. Financial information website Moneyfacts reported that this represents approximately 7.5 per cent of available deals. The rapid withdrawals mark the fastest pace since the 2022 mini-budget, with some average mortgage rates already surpassing the 5 per cent threshold amidst volatile financial markets."
Mortgage rates experienced a sharp increase this week as more than 530 homeowner mortgage deals were pulled from the market since Monday, representing approximately 7.5 percent of available deals. This marks the fastest withdrawal pace since the 2022 mini-budget. Average two-year homeowner mortgage rates climbed to 5.10 percent on Friday, up from 4.87 percent on Monday and reaching their highest point since July 2025. Five-year rates similarly rose to 5.19 percent from 4.98 percent, hitting their highest level since April 2025. Even the cheapest available rates increased significantly. These developments represent a collapse in hopes for steady mortgage rate declines, creating uncertainty for borrowers navigating volatile financial markets.
Read at www.independent.co.uk
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