The average price for 2- and 5-year fixed rate mortgages have increased again and are now pushing towards 6.5%.
According to Moneyfacts the average cost of a 2-year fix across all deposit sizes now stands at 6.43%.
The average 5-year fixed rate has also continued to rise hitting 6.29%, the highest level seen since November 2008.
Consultancy firm CEBR has warned that fixed mortgage rates could top out at 7.7% in Q2 2023 with the Bank of England (BoE) Base Rate hitting 3.75% by the end of 2022.
Earlier today the BoE increased its bond buying operation for the second time in two days.
Meanwhile, Chancellor Kwasi Kwarteng has moved the announcement of his funding plans forward to 31st October as both the Treasury and central bank try to calm markets.
