The average rate for a new five-year fixed-rate mortgage has reached 6%, marking the first time it has risen to that level in three years.
The cost of new fixed-rate mortgage deals has increased in recent weeks. Lenders are facing higher costs, which has contributed to the rise in the average five-year rate.
The latest movement affects borrowers considering a new five-year fixed-rate mortgage, although the supplied information does not provide details of individual lenders or specific deals. The current position reflects a broader increase in the cost of new fixed-rate borrowing in recent weeks.
