Interest rates on fixed-rate mortgages rose to a peak of 6.65% in the aftermath of the mini-Budget last September. Dearer credit lowered demand for property, sending the post-pandemic housing boom into reverse. And while the market has since stabilised, rates are still far higher than they were this time last year.
The average rate for a two-year fixed rate product is now 5.29%, according to Moneyfacts, while the rate for a five-year fixed-rate mortgage is 4.95%. At the beginning