Lenders, brokers and property experts all warned that high mortgage rates could keep rising this year, after two-year fixed rates hit the highest level since 2008 today.
The average rate on a two-year fixed-rate mortgage rose to 6.66% today, overtaking the 6.65% that was hit last year in the wake of Kwasi Kwarteng’s catastrophic mini-Budget, when promises of unfunded tax cuts meant markets expected drastic interest rate hikes.
