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The average five-year fixed mortgage rate in Great Britain has risen to 6% for the first time since September, as financial instability drives up costs for lenders. Moneyfacts reports that there are only nine options now available below a 5% rate, down from 1,494 deals at the start of February. This increase is expected to impact borrowers significantly, with the monthly cost of a £250,000 loan rising by £158 compared to lower rates earlier this year. Experts warn that higher mortgage costs are already affecting housing market activity and affordability.
Written locally by qwen2.5:14b on 2026-10-05,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
In late September 2023, Moneyfacts reported that the average interest rate on new five-year fixed mortgages in the UK reached 6%, the highest since mid-September of the same year. This marks a significant increase from just two months prior when there were over 1,494 deals available below 5%. As of early October, only nine such deals remained, representing a decline of nearly 99%.
The rising mortgage rates are attributed to increased costs for lenders due to global economic uncertainties and volatility in swap rates, which affect pricing. Major banks like Barclays, HSBC, and Lloyds Bank have been raising fixed-rate mortgages repeatedly since September. This trend is particularly challenging for homeowners coming off cheaper deals amid other rising household expenses.
Mortgage experts warn that the rapid disappearance of sub-5% deals will exacerbate affordability issues, making it harder for potential buyers to secure loans at lower rates. Sarah Tucker from the HomeOwners Alliance and Ian Harris, president of NAEA Propertymark, both expressed concern about the increased pressure on borrowers' financial stability due to higher interest costs.
Written for “Mortgage Rate Hits 6%” on 2026-10-05,
grounded in this article and the 3 other(s) covering the same event.
Why this leaning score
The model judged this article politically coded and scored it -0.45, but every quote it verified points right, 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 57303: score contradicts its own evidence · logged 2026-10-05
The average cost of a five-year fixed-rate mortgage has hit the 6% barrier for the first time in three years, as jitters in the money markets make the loans more expensive for lenders to offer.
asserted
lenders → fix → markets
Figures from financial information provider Moneyfacts show the average is now 6.00%, its highest point since September 2023, while the average two-year fixed rate is not far behind at 5.98%, its highest since December of the same year.
asserted
rate → show → year
In recent weeks most big banks and building societies have put up prices as turmoil in global bond markets has increased expectations of a base rate rise.
asserted
turmoil → put → rise
Meanwhile, borrowers in Great Britain have seen their choice of fixed-rate mortgages costing below 5% shrivel to only nine options, according to Moneyfacts.
uncertain
choice → see → Moneyfacts
That marks a 99% plunge in the market since the start of last month, when there were 1,494 deals priced below that level.
asserted
That → mark → level
There has been no change in the Bank of England base rate since December last year, but volatility in the bond markets has driven up the swap rates that affect the pricing of fixed-rate mortgages.
asserted
that → drive → mortgages
Rachel Springall, a finance expert at Moneyfacts, said the impact on rates had been “brutal”.
asserted
impact → say → rates
She said: “Average fixed mortgage rates rising back to three-year highs will be disastrous news for borrowers.
asserted
rates → say → borrowers
Borrowers who were hoping mortgage rates would stabilise will be disappointed.”
asserted
rates → hop → ?
The rise in prices is bad news for borrowers finishing existing fixed-rate deals who at the start of the year may have been looking forward to falling costs, as well as those hoping to take out a mortgage to buy a property.
uncertain
who → finish → property
Figures from the HomeOwners Alliance show the monthly cost of a £250,000 loan fixed at 6% for five years is £158 higher than the same-sized loan locked in at 4.94%, which was the average rate reported by Moneyfacts at the start of February.
asserted
which → show → February
There are already signs that higher mortgage costs are weighing down the housing market, with Nationwide building society last week reporting that annual price growth had halved in September.
asserted
growth → be → September
Ian Harris, the president of the estate agents’ body NAEA Propertymark, said members were “seeing first-hand how sensitive buyers are to mortgage rates”, and the rapid disappearance of sub-5% deals would add further pressure to affordability.
asserted
disappearance → say → affordability
He said: “For some buyers, even a relatively small increase in monthly repayments can mean they have to reduce their budget or step back from a purchase altogether.
asserted
they → say → purchase
Equally, homeowners coming off fixed-rate deals may face significantly higher repayments, which could affect their decision to move.”
uncertain
which → come → decision
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