Mortgage rates leap again in October
The latest data from the Bank of England revealed that overall average mortgage rates for new business increased again in October 2022, rising by almost 9%.
What the Bank of England said
The average floating mortgage rate for new business was 3.40%
The average fixed mortgage rate for new business was 3.09%
The average overall mortgage rate for new business was 3.10%
Average UK mortgage rates increased by almost 9% in October to 3.10%, with much of this increase driven by the impact of the mini-budget on the financial markets.
Average floating rate mortgage rates increased by 10% in the month to 3.40% some 87% higher than they were one year ago when the average floating rate was just 1.82%.
Average fixed-rate mortgage rates increased by 9.2% to 3.09%, some 96% higher than they were in October 2021 when the average rate was 1.58%
Overall the average mortgage rate increased by 8.8% in October to 3.10% which is 94% above its October 2021 level of 1.60%.
The time of ultra-low interest rates has certainly passed and we expect mortgage rates to continue to rise as Bank Rate increases in the coming months.
If you are worried about your mortgage payments or want to see the impact of changes to mortgage rates on your mortgage payments, you can use our mortgage payments calculator by clicking the link below: