Banking Rates: Five-year fixed mortgage rate nudges over 6%

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The average five-year fixed mortgage rate has risen above 6%, new figures have revealed.

The last time rates were this high was November 21 last year, following turmoil sparked by the mini-budget in September.

Major banks have been summoned to a meeting with the Financial Conduct Authority (FCA) to discuss concerns surrounding interest rates for savers lagging behind the rising cost of mortgages.

Cost of living latest: https://news.sky.com/story/snowballing-driving-up-mortgage-prices-with-lenders-now-competing-to-raise-rates-cost-of-living-live-updates-12615118

#mortage #savings #skynews

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