Average five-year fixed mortgage rate hits 6% for first time in three years

AI desk brief

Average UK five-year fixed mortgage rates have hit 6.00% for the first time in three years, while two-year fixes are at 5.98%, as bond-market volatility pushes up swap rates used to price mortgages. Moneyfacts said sub-5% deals have collapsed to just nine from 1,494 at the start of last month, underscoring how quickly higher funding costs are feeding through to households.

The move reflects rising expectations of a BoE hike even though Bank Rate has been unchanged since December. For metals, the near-term read is mildly bearish via higher front-end rates and firmer yields, though the broader macro signal remains UK-specific rather than a direct precious-metals catalyst.