Fixed rate mortgages have hit the highest level seen since the 2008 financial crisis, according to the latest data from Moneyfacts.
2-year fixes now have an average rate stand at 6.53% while 5-year fixes come in at 6.36%.
For 2-year fixes that is the highest rate seen since August 2008, for 5-years you have to go back to November of the same year to see a comparable.
Yesterday, Chancellor Jeremy Hunt ripped up former Chancellor Kwasi Kwarteng’s mini-Budget.
Following that the cost of borrowing dropped and the Pound started to recover as the market’s digested the news.
It also appears that the Bank of England will be able to slow interest rate rises which markets now predict will be less severe.
