Mortgage rates hit highest levels since 2021 as homeowners face steep repayment hikes

The average mortgage rate for a two-year fixed deal has risen to 6.01%, according to Moneyfacts, and the average five-year fixed rate mortgage has increased to 5.67%.

This is the highest two-year fixed rate has been since December 1st, 2021.

The five-year fixed rate has also increased to its highest since November 2008.

The increase in mortgage rates comes as the prime minister has declined to back extra support for mortgage holders despite higher interest rates making payments more expensive.

The Resolution Foundation think tank has warned that average annual mortgage repayments are set to rise by £2,900 for those renewing next year.

The government has been urged to take action to help homeowners, but the Bank of England's former deputy governor has warned against intervention as it could fuel inflation and lead to even higher interest rates.

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