According to Moneyfacts data, the average 2-year fixed residential mortgage rate has reached a new high of 6.23%, marking a seven-month high and an increase from the previous average of 6.19% seen on Friday.
Similarly, the average 5-year fixed residential mortgage rate has also increased to 5.86%, up from 5.83% on Friday, reaching the highest level since the end of November.
That increase in November came in the aftermath of the Truss/Kwarteng mini-Budget while today’s come in the wake of the Bank of England increasing interest rates to the highest level seen in 15 years.
Despite the increase in rates, there has been a slight rise in the number of residential mortgage products available in the market, with the count rising to 4,483 from 4,444 on Friday.
