A key mortgage rate has hit 4% for the first time in nine years. The financial data provider Moneyfacts said the average new two-year fixed rate had increased by 0.14% since the start of this month, and now stood at 4.09%. This is the first time the average figure has broken through 4% since early 2013.
It said the price of new mortgages was rising even faster than UK interest rates, adding to the dilemma faced by many thinking about taking out a new loan on a home.
