Average two- and five-year fixed mortgage rates climb to 5.96% and 5.98%, close to 6%

Moneyfacts figures published on 2 October put the average two-year fix at 5.96% and the five-year fix at 5.98%, up from 5.92% and 5.94% a week earlier; the two-year rate is at its highest since late June 2024. In the week, 19 lenders raised fixed rates by between 10 and 76 basis points while only four made cuts, as lenders reprice against higher funding costs. For buyers, Moneyfacts calculates a £250,000 loan over 25 years now costs about £1,605 a month on the average two-year fix, £165 more than at 4.85% in February, which squeezes how much they can borrow; for sellers, that means fewer buyers able to stretch to the asking price. Pricing is volatile rather than one-way, with some lenders still cutting selected deals, so borrowers comparing offers this week may find gaps between lenders.