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Mortgage rates in the UK have increased again, with average two-year fixed rates reaching 5.73% on Tuesday, up from 5.68% on Monday, while five-year fixed rates climbed to 5.78%, also an increase from the previous day's rate of 5.73%. According to Rachel Springall, a finance expert at Moneyfactscompare.co.uk, this rise is driven by concerns over inflationary pressures and higher swap rates used in mortgage pricing. Despite expectations that the Bank of England may keep its base rate unchanged on Thursday, Springall predicts ongoing challenges for borrowers as fixed mortgage rates continue to climb, potentially surpassing 2% deals available early last year.
Written by the local model on 2026-09-16,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
Despite expectations that the Bank of England will hold its base rate at 3.75% this Thursday, average fixed mortgage rates continue to rise, according to financial information website Moneyfacts. On Tuesday, the average two-year fixed-rate mortgage reached 5.73%, and the five-year fix hit 5.78%, marking their highest levels since May 28 and April 12 respectively. Lenders have increased mortgage rates twice in September due to higher swap rates, which affect mortgage pricing. Meanwhile, the number of available mortgage products decreased slightly from 7,458 on Monday to 7,426 on Tuesday. These trends are concerning for borrowers unable to refinance their mortgages until 2027, especially those with five-year fixed-rate deals currently in place.
Written for “Mortgage Rates Rising” on 2026-09-17,
grounded in this article and the 0 other(s) covering the same event.
Why this leaning score
The model judged this article politically coded and scored it -0.30, but all 2 of its quote(s) are attributed speech - words the article quotes from someone, not the article's own narration, so the score is not published.
Written under an earlier scoring contract, which gave a paragraph
rather than checkable quotes. Re-analysing this article replaces it.
Leaning score withheld for article 10731: attributed speech only · logged 2026-09-16
Fixed mortgage rates are already being pushed higher, ahead of the Bank of England base rate decision later this week, according to a financial information website.
uncertain
rates → fix → website
On Tuesday, the average two-year fixed homeowner mortgage rate on the market was sitting at its highest level since May 28, while the average five-year fix was at its highest since April 12, Moneyfacts said.
uncertain
Moneyfacts → fix → April
It said the average two-year fixed residential mortgage rate on the market on Tuesday was 5.73%, up from 5.68% on Monday.
asserted
rate → say → Monday
The average five-year fixed residential mortgage rate on Tuesday was 5.78%, up from 5.73% on Monday.
asserted
rate → fix → Monday
The next Bank of England base rate decision will be released on Thursday.
asserted
decision → release → Thursday
The rate, which currently sits at 3.75%, is expected by some finance commentators to remain unchanged on Thursday, although they have also pointed to the potential for inflationary pressures to prompt rates to increase in the months ahead.
asserted
pressures → sit → months
Moneyfacts said some lenders have made mortgage rate hikes twice in September, amid higher swap rates, which are used to price mortgages.
asserted
which → say → mortgages
The choice of products has also reduced, with 7,426 homeowner mortgage products on the market counted by Moneyfacts on Tuesday, down from 7,458 on Monday.
asserted
products → reduce → Monday
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “A second wave of mortgage rate hikes has begun from the major banks in reaction to growing concerns surrounding inflationary pressures.”
asserted
wave → say → pressures
She added: “It is highly likely other lenders will follow suit to adjust rates, and with some deals withdrawn from the market, it is expected any returning deals could well be priced higher.”
uncertain
deals → add → market
Ms Springall said the moves demonstrate “how fixed mortgage rates are not intrinsically linked to adjustments to the Bank of England base rate”.
asserted
rates → say → rate
Read More
She said that, despite a base rate hold being expected this week: “The mortgage pain shows no sign of easing for those borrowers who cannot yet lock into a new deal, particularly those with a five-year fixed who are not due to refinance until 2027.
asserted
who → read → 2027
“Back in February 2022, there were sub-2% fixed mortgages available, so moving off this rate will be a huge shock for borrowers.
asserted
moving → be → borrowers
“In the meantime, it is vital that lenders and brokers help customers understand the implications of ending their deal early, such as the early repayment charges.”
asserted
customers → help → charges
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