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The average five-year fixed-rate homeowner mortgage rate has reached 6% for the first time in three years, according to Moneyfacts. This marks an increase from 5.98% on Friday and is the highest since September 27, 2023. Additionally, the number of sub-5% rate fixed mortgage deals has dropped sharply from 1,494 at the start of September to just nine by Monday morning. Rachel Springall, a finance expert at Moneyfactscompare.co.uk, attributes this trend to rising wholesale funding costs and swap rates, which are used by lenders to price mortgages.
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.
Mortgage misery as average five-year deal hits 6% for first time in three years
asserted
deal → hit → years
The average five-year fixed homeowner mortgage rate on the market has reached the 6% mark for the first time in three years, according to a financial information website.
uncertain
rate → fix → website
Moneyfacts said the typical five-year residential rate on Monday morning was 6.00%, up from 5.98% on Friday.
asserted
rate → say → Friday
The average five-year rate is at its highest since September 27 2023, when it was 6.03%, Moneyfacts said.
asserted
Moneyfacts → say → September
The average two-year fixed-rate homeowner mortgage on the market was sitting just below 6% on Monday morning, at 5.98%.
asserted
mortgage → fix → %
Fixed mortgage rates have been edging up in recent weeks amid rises in swap rates, which are used by lenders to price mortgages.
asserted
which → edge → mortgages
Moneyfactscompare.co.uk also said that the choice of sub-5% rate fixed mortgage deals has plunged from 1,494 since the start of September 2026 to just nine on Monday morning.
asserted
choice → say → morning
Including products available to borrowers in Northern Ireland only, the website counted 107 fixed-rate mortgage deals priced below 5%, compared with 1,691 at the start of September 2026.
asserted
website → include → September
Rachel Springall, a finance expert at Moneyfactscompare.co.uk, said: “The past few weeks have seen pricing margins among major lenders come under immediate pressure from renewed swap rate volatility.
asserted
margins → say → volatility
“As wholesale funding costs climb on the back of rising gilt yields, fixed rate adjustments are somewhat inevitable.
asserted
adjustments → climb → yields
“The impact on sub-5% fixed mortgages has been brutal, with around 1,500 deals priced below 5% vanishing since the start of September while average five-year fixed rate has reached 6%, with the average two year not far behind.
asserted
rate → fix → %
Read More
“Average fixed mortgage rates have not been above 6% for around three years.”
asserted
rates → read → years
Ian Harris, president of NAEA (National Association of Estate Agents) Propertymark, said: “We are seeing first hand how sensitive buyers are to mortgage rates, and the rapid disappearance of sub-5% deals will inevitably add further pressure to affordability.
asserted
disappearance → say → affordability
“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 → mean → purchase
“Equally, homeowners coming off fixed-rate deals may face significantly higher repayments, which could affect their decision to move.
uncertain
which → come → decision
“This makes realistic pricing and good financial preparation more important than ever.
asserted
pricing → make → ?
“Buyers and sellers need confidence that the figures work before committing, while greater stability in mortgage pricing would help restore confidence and keep people moving through the housing market.”
asserted
people → need → market
Sarah Tucker, a mortgage expert at HomeOwners Alliance, said: “Seeing the average five-year mortgage rate hit 6% is a real blow for borrowers, particularly those coming off much cheaper fixed deals who are already facing steep increases in other household bills.
asserted
who → say → bills
“But while it’s important not to panic, it’s also important not to just sit and hope that rates will come back down either.”
asserted
rates → ’ → ?
She suggested: “If your current mortgage deal ends within the next six months, start looking at your options now.”
uncertain
deal → suggest → options
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