Average five-year fixed mortgage rate drops below 6%

Home News Mortgages Average five-year fixed mortgage rate drops below 6%

ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Rachel Springall

Finance Expert & Press Officer

Published: 22/11/2022

It’s the first time in seven weeks since this average figure has dropped below 6%.

The average five year fixed mortgage rate has dropped below 6% today, having trended above this figure since 5 October.

This will give some reprise for borrowers who saw mortgage rates soar in the aftermath of the mini-Budget in September.

The impact of the mini-Budget and the latest base rate increase on mortgage rates is explained in more detail in this article.

Today, the average five-year fixed rate stands at 5.95%. This average rate breached 5% on 30 September and peaked on 20 October 2022, the day former Prime Minister Liz Truss resigned.

Could rates fall further?

It is worth noting that rates could fall further still, but there is no clear answer as to how quickly that may be.

Although fixed mortgage rates are falling, there is still room for improvement as there are only a handful of lenders offering sub-5% fixed deals.

Borrowers may feel they have to be patient for a little while longer 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.

Otherwise if time is of the essence, then consider reading our weekly mortgage roundup which highlights some of the cheapest mortgage deals on the market.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Average five-year fixed mortgage rate drops below 6%

Rachel Springall

News contents

Could rates fall further?

News contents

Average five-year fixed mortgage rate drops below 6%

Rachel Springall

News contents

Could rates fall further?

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