Average two-year mortgage rate close to 6%

The average interest rate on new two-year fixed mortgage is likely to breach 6% in the coming days as lenders grapple with upheaval in the sector.

Brokers have described a vicious circle of lenders putting up rates at short-notice, then borrowers grabbing deals, leaving lenders inundated and having to pull or raise rates again. The typical two-year fixed-rate mortgage had a rate of 5.92% on Thursday, but jumped on Friday. This still leaves it short of the peak of 6.65% in October last year, following the mini-budget during Liz Truss's premiership.

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