Typical two-year fixed mortgage rate goes above 4%

The average interest rate on a two-year fixed mortgage has crept above 4% for the first time in almost ten years, following the Bank of England's latest base rate increase. An average two-year fixed rate mortgage is now at 4.09%, according to Moneyfacts: 62.3% more expensive than the same time last year when it was at 2.52%. It marks the first time the rate has breached 4% since February 2013 when it hit 4.09%. A typical fixed five-year mortgage - now a more popular option as buyers seek to shield themselves from further rate rises - has risen from 2.75% last August to 4.24% today. 

Daily Mail (22/08/2022)