UK average five-year fixed mortgage rate reaches 6%, highest since September 2023
The average rate on a new five-year fixed mortgage in the UK hit 6% on Monday 5 October, a three-year high, according to Moneyfacts. About 1,500 deals priced below 5% have disappeared since the start of September.
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The story, neutrally told
Centre · 2The average interest rate on a new five-year fixed mortgage in the UK reached 6% on Monday 5 October 2026, the first time in three years, according to Moneyfacts. BBC NewsN “The average interest rate on a new five-year fixed mortgage deal has hit 6% for the first time in three years, figures show.” Read at BBC News ↗ Evening StandardN “Moneyfacts said the typical five-year residential rate on Monday morning was 6.00%, up from 5.98% on Friday.” Read at Evening Standard ↗ Centre · 2The average two-year fixed rate stood at 5.98%. The five-year average is its highest since 27 September 2023, when it was 6.03%, and the two-year average is its highest since December 2023. Evening StandardN “The average five-year rate is at its highest since September 27 2023, when it was 6.03%, Moneyfacts said.” Read at Evening Standard ↗ BBC NewsN “On two-year deals, the average rate is at its highest since December 2023.” Read at BBC News ↗ Centre · 2Moneyfacts said about 1,500 deals priced below 5% have vanished since the start of September. The Evening Standard reported that the number of sub-5% fixed deals fell from 1,494 to nine on Monday morning, excluding Northern Ireland-only products. Including those, the count fell from 1,691 to 107. BBC NewsN “about 1,500 mortgage deals priced below 5% vanish since the start of September, according to the financial information service Moneyfacts” Read at BBC News ↗ Evening StandardN “has plunged from 1,494 since the start of September 2026 to just nine on Monday morning.”“the website counted 107 fixed-rate mortgage deals priced below 5%, compared with 1,691 at the start of September 2026.” Read at Evening Standard ↗
Centre · 1Moneyfacts said the biggest High Street lenders made repeated increases during September: Barclays raised selected fixed rates four times, and HSBC, Lloyds, Nationwide, NatWest, Santander and TSB did so three times each. BBC NewsN “Barclays increased selected fixed rates on four occasions, while HSBC, Lloyds Bank, Nationwide, NatWest, Santander and TSB each made three rounds of increases.” Read at BBC News ↗ Centre · 2The coverage gives several causes: lenders face higher costs amid international concern over prices, interest rates and government borrowing costs; swap rates, which lenders use to price mortgages, have risen; and gilt yields are climbing. The BBC also says global uncertainty has pushed up deal costs since the Iran war began. BBC NewsN “as lenders face higher costs amid international concern over rising prices, interest rates, and government borrowing costs.”“Since the Iran war began, global economic uncertainty has been pushing up the cost of deals.” Read at BBC News ↗ Evening StandardN “Fixed mortgage rates have been edging up in recent weeks amid rises in swap rates, which are used by lenders to price mortgages.” Read at Evening Standard ↗ Centre · 1Moneyfacts' finance expert Rachel Springall called the impact on sub-5% deals "brutal" and said the rise would be "disastrous news for borrowers". She advised those nearing the end of a fixed deal to seek advice and compare deals, noting some lenders let borrowers lock in a rate three or six months ahead. BBC NewsN “"Average fixed mortgage rates rising back to three-year highs will be disastrous news for borrowers," said Rachel Springall”“Some lenders could allow people to lock in a rate three months before their current deal ends, while others could allow six months, she said.” Read at BBC News ↗
Centre · 1Ian Harris of NAEA Propertymark said the loss of sub-5% deals will add pressure to affordability. Sarah Tucker of HomeOwners Alliance called the rise "a real blow for borrowers" and urged people whose deals end within six months to start looking at options now. Evening StandardN “the rapid disappearance of sub-5% deals will inevitably add further pressure to affordability.”“If your current mortgage deal ends within the next six months, start looking at your options now.” Read at Evening Standard ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre2 outlets
- Framing
- Both outlets report the milestone with Moneyfacts figures and expert reaction, treating it as bad news for borrowers. The BBC links it to lender costs and the Iran war. The Evening Standard stresses swap rates and gilt yields and adds estate agent and homeowner-group comment.
- Emphasis
- Disappearance of sub-5% deals, lender rate rises, advice for those remortgaging.
- Leaves out or plays down
- The BBC leaves out the exact sub-5% counts, swap-rate detail and industry reaction beyond Moneyfacts. The Evening Standard doesn't mention the Iran war or the lender-by-lender rises.
- Charged language
- “Mortgage misery”“brutal”“disastrous news for borrowers”
- For example
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“It described the situation as "brutal" for borrowers” — BBC News
“Mortgage misery as average five-year deal hits 6% for first time in three years” — Evening Standard
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- The average five-year fixed mortgage rate reached 6% on 5 October 2026, the first time in three years.
- The average two-year fixed rate was 5.98%.
- About 1,500 deals priced below 5% have disappeared since the start of September, per Moneyfacts.
Moneyfacts organisation
Moneyfacts, through Rachel Springall, presents the rise as driven by swap rate volatility and gilt yields, and as damaging for borrowers.
“As wholesale funding costs climb on the back of rising gilt yields, fixed rate adjustments are somewhat inevitable.” — Evening Standard
“Borrowers who were hoping mortgage rates would stabilise will be disappointed.” — BBC News
Left0 articles
No coverage yet.
Centre2 articles
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Average five-year mortgage rate hits 6% for first time in three years
Neutral Explanatory news report centred on Moneyfacts data, lender rate rises and global economic causes.
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Mortgage misery as average five-year deal hits 6% for first time in three years
Mixed Data-led report with a emotive headline, adding estate agent and homeowner-group warnings.
Right0 articles
No coverage yet.
- 5 Oct 10:16 First BBC NewsN Average five-year mortgage rate hits 6% for first time in three years
- 5 Oct 11:13 +57m Evening StandardN Mortgage misery as average five-year deal hits 6% for first time in three years
Times are when each article was published, or when we first saw it if the outlet gave no time.