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Five-year fixed average rate drops below 6%

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Rachel Springall, Press Officer
Rachel Springall, Press Officer / Finance Expert T: 01603 476210 E: Email Rachel
22/11/2022
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Five-year fixed average rate drops below 6%

Moneyfacts.co.uk reveals the average five-year fixed mortgage rate has dropped below 6% for the first time in seven weeks.

Five-year fixed average rate drops below 6%

Moneyfacts.co.uk reveals the average five-year fixed mortgage rate has dropped below 6% for the first time in seven weeks.

Mortgage market analysis – average rates

 

1-Sep-22

23-Sep-22

20-Oct-22

1-Nov-22

Today

Average two-year fixed rate

4.24%

4.74%

6.65%

6.47%

6.13%

Average five-year fixed rate

4.33%

4.75%

6.51%

6.32%

5.95%

Analysis of daily average rates, the highest point between 23 Sep and today was 20 Oct 2022.

Source: Moneyfacts.co.uk

 

Mortgage market analysis – average rates

 

1-Sep-22

23-Sep-22

20-Oct-22

1-Nov-22

Today

Average two-year fixed rate

4.24%

4.74%

6.65%

6.47%

6.13%

Average five-year fixed rate

4.33%

4.75%

6.51%

6.32%

5.95%

Analysis of daily average rates, the highest point between 23 Sep and today was 20 Oct 2022.

Source: Moneyfacts.co.uk

 

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Borrowers may well breathe a sigh of relief to see that fixed mortgage rates are starting to fall, but there may be much more room for improvement. As the average five-year fixed mortgage rate falls below 6% for the first time in seven weeks (5 October 2022 – 5.97%), borrowers who paused their home ownership plans, or indeed parked the idea of refinancing, may now be tempted to scrutinise the latest deals on offer. After the fiscal announcement (23 September 2022) the average two- and five-year fixed mortgage rates rose sharply, but they are edging further away from their daily peak (20 October 2022). However, it is worth noting that rates could fall further still, but there is no clear answer as to how quickly that may be. Indeed, it’s been around two months since both the average two and five-year fixed mortgage rate breached 5% (30 September 2022), but today only a handful of lenders are offering sub-5% fixed deals. Borrowers may feel they have to be patient for a little while longer yet before they commit to a new fixed mortgage, or even wait until next year to see how the market recovers from the recent interest rate uncertainty.”

Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“Borrowers may well breathe a sigh of relief to see that fixed mortgage rates are starting to fall, but there may be much more room for improvement. As the average five-year fixed mortgage rate falls below 6% for the first time in seven weeks (5 October 2022 – 5.97%), borrowers who paused their home ownership plans, or indeed parked the idea of refinancing, may now be tempted to scrutinise the latest deals on offer. After the fiscal announcement (23 September 2022) the average two- and five-year fixed mortgage rates rose sharply, but they are edging further away from their daily peak (20 October 2022). However, it is worth noting that rates could fall further still, but there is no clear answer as to how quickly that may be. Indeed, it’s been around two months since both the average two and five-year fixed mortgage rate breached 5% (30 September 2022), but today only a handful of lenders are offering sub-5% fixed deals. Borrowers may feel they have to be patient for a little while longer yet before they commit to a new fixed mortgage, or even wait until next year to see how the market recovers from the recent interest rate uncertainty.”

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

Notes to editors

Pioneering financial comparison technology for over 35 years.

Moneyfacts Group plc is the UK’s leading provider of retail financial product data. Used by virtually every bank and building society in the UK, and supplied to the Bank of England, Financial Conduct Authority, Financial Ombudsman Service, HM Treasury, Prudential Regulatory Authority and UK Finance.

Our expert research team monitors the thousands of mortgages, savings, credit card, personal loan, business banking, life, pension and investment products in the UK.

Moneyfactscompare.co.uk is the financial product price comparison site, launched as Moneyfacts.co.uk in 2000 and rebranded to Moneyfactscompare.co.uk in 2023, which helps consumers compare thousands of financial products, including credit cards, savings, mortgages and many more. Unlike other comparison sites, Moneyfactscompare.co.uk shows whole of market data regardless of commercial bias, showing consumers a true picture of the best products based on the criteria they select.

We hope you find this press release insightful. We would appreciate a link back to Moneyfactscompare.co.uk if you decide to source this information.

For more information about us please see our key facts.

Broadcast

Our broadcast suite enables our finance experts to appear in-vision for television, and we regularly comment live on national and regional radio.

To arrange an interview for radio or television, please contact our press department. We have an in-house broadcast room.

 

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James Hyde Press & PR Manager
T: 01603 476205
E: Email James
Rachel Springall Press Officer / Finance Expert
T: 01603 476210
E: Email Rachel
Caitlyn Eastell Apprentice Press & PR Assistant
T: 01603 476169
E: Email Caitlyn
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©2024 Moneyfacts Group plc. All Rights Reserved. Use of this Website constitutes acceptance of the Company’s General Terms of Use & Privacy Policy. Moneyfacts Group plc is registered in England and Wales, company no. 4063110. Registered office: Moneyfacts House, 66-70 Thorpe Road, Norwich, NR1 1BJ. Moneyfacts, MONEY £ ACTS and INTEREST are Registered Trademarks.