Five-Year Fixed Mortgage Rates Reach 6% Milestone The average interest rate on a new five-year fixed mortgage deal has reached 6%, marking the first time in three years ...
The average interest rate on a new five-year fixed mortgage deal has reached 6%, marking the first time in three years that the average has reached that level.
The rate applies to new five-year fixed mortgage deals, according to figures cited in the report. The milestone highlights the current level of borrowing costs for this type of mortgage product.
A five-year fixed mortgage provides a set interest rate for the term of the deal. With the average rate now at 6%, borrowers considering a new five-year fixed arrangement are assessing offers at a level not recorded for three years.
The figures concern the average rate and do not provide further details about individual lenders, borrower circumstances or the wider direction of mortgage pricing.
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