Average rates for 5-year fixed rates mortgages have surpassed 6% for the first time in 12 years, data from Moneyfacts shows.
The average rate for 5-year products now stands at 6.02%, up from 5.97% yesterday.
Meanwhile, 2-year fixes have also continued on their upward trajectory hitting an average of 6.11%, up from 6.07% yesterday.
The last time the market had a comparable 5-year fixed rate price was in February 2010, when the average stood at 6.00%.
The news comes as Chancellor Kwasi Kwarteng calls mortgage lenders in for crisis talks after they were forced to pull products following his ‘fiscal event’.
Earlier today Labour leader Keir Starmer called on the Government to U-turn on its Budget commitments with mortgage holders set to see significant price hikes when refinancing.
Analysis from Labour found that the average homeowner coming off a 2-year fixed mortgage could experience a £498 monthly hike if interest rates hit 6%.
Its analysis found that homeowners in London and the South East could see average rises of between £689 and £915.
While those in the North East still see spikes of between £247 to £327.
