A month of mayhem: Mortgage rates have spiked dramatically over the past monthWhy are mortgage rates rising? In response to these heightened expectations, both gilt yields (the rate on UK government borrowing) and swap rates – the money market rates that lenders use to set fixed rate mortgage pricing – have increased substantially. Mortgage experts are divided on when rates will fall and advise borrowers to not rely on any sharp declines and plan for mortgage rates remaining at high levels. Average mortgage rates have risen from low levels two years ago and spiked in autumn after the mini-Budget. You can use our best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.

Source: Daily Mail June 20, 2023 22:48 UTC