Average five-year fixed mortgage rate hits 6% for the first time since 2023, as sub-5% deals fall from 1,494 to nine

Moneyfacts data published on 5 October shows the average five-year fixed mortgage rate has reached 6.00%, with the average two-year fix at 5.98%, the highest levels since autumn 2023. Lenders have repriced repeatedly as swap rates (the market benchmark behind fixed-rate pricing) have stayed volatile: Barclays raised rates four times in September, and the number of fixed deals priced below 5% fell from 1,494 on 1 September to nine. For buyers, that means a smaller loan for the same monthly payment and less room in the budget, while sellers should expect some buyers to re-check affordability before committing to an offer. Bank Rate itself is unchanged at 3.75%, so this is a market repricing rather than a policy move, and pricing could settle if swap rates calm.