Average five-year fixed mortgage rate hits 6% for first time in three years

Moneyfacts data shows the average five-year fixed-rate mortgage has reached 6% for the first time in three years.

• The average five-year fixed rate now stands at 6.00%, its highest since September 2023, according to Moneyfacts.
• The average two-year fixed rate reached 5.98%, its highest since December 2023.
• Mortgages priced below 5% have shrunk from 1,494 options to nine since the start of last month.
• Barclays raised selected rates on four occasions in September, while HSBC, Lloyds Bank, Nationwide, NatWest, Santander and TSB each made three rounds of increases.