Average mortgage rates today as deals exceed 6.6% for a two-year fix

Average mortgage rates today as fixed deals hit 15-year peak (Image: Getty) Mortgage  rates in the UK are now at their highest level since 2008, exceeding the peak seen in the aftermath of Liz Truss’ Government’s mini-budget. Around 800,000 households have a fixed-rate mortgage deal set to expire in the second half of this year – many of which were on rates as low as two percent – making the current market and future projections harder to stomach. Uswitch mortgages  expert Kellie Steed commented: ‘As reported earlier this week, there’s been a recent surge in mortgage rates, with the average two-year fixed rate currently above 6.6 percent.’ However, Ms Steed noted that while the Bank of England continues its battle to curb inflation, ‘it seems likely’ there could be further Base Rate increases coming. She added: ‘This means mortgage rates could go even higher, with some predicting we could see fixed-rate deals hit seven percent.’ Some analyists predict mortgage rates could reach as high as seven percent (Image: Getty) Mortgage rates differ depending on the deal offered. Here’s a rundown of average rates available now, correct at the time of writing. Average mortgage rates According to Ms Steed, the average two-year fixed-rate mortgage (75 percent Loan To Value) has now reached 6.64 percent, up from 6.5 percent just last week. The average five-year fixed-rate mortgage rate (75 percent LTV) is 5.79 percent, which reflects no change from the week before. Two-year variable-rate mortgage rate (75 percent LTV) are now averaging 5.59 percent, which also presents no increase compared to last week. A two-year fixed-rate mortgage with 90 percent LTV is now averaging 6.57 percent, up from 6.44 percent last week, while the average standard variable rate (SVR) is currently resting at a staggering 8.45 percent, up from 8.29 percent. The rising Base Rate has sent mortgage rates soaring (Image: EXPRESS) Average mortgage rates across the big six lenders, including Nationwide, Santander, HSBC, Halifax, Barclays Bank, NatWest, and Lloyds Bank, appear to be marginally lower on some products, however. According to Ms Steed, the average two-year fixed-rate mortgage (75 percent LTV) has hit 6.24 percent, up from 5.99 percent just last week. The average five-year fixed-rate mortgage rate (75 percent LTV) is a higher 5.84 percent, up from 5.44 percent the previous week. Two-year variable-rate mortgage rates (75 percent LTV) are now averaging 5.49 percent, down from 5.52 percent the week before. A two-year fixed-rate mortgage with 90 percent LTV is now averaging 6.29 percent, up from 6.17 percent last week, while the average standard variable rate (SVR) is currently resting at a 7.49 percent. Ms Steed said: ‘While it’s a stressful time for borrowers, there are a few actions you can take to try and get the best possible remortgage deal for your circumstances.’ Firstly, people can look at remortgaging options early to avoid being placed on a lenders SVR, which typically cost a lot more. Ms Steed said: ‘A remortgage application takes a while to process, which might result in you falling on to your lender’s standard variable rate while you’re waiting which is usually much higher than other deals on the market. ‘Most mortgage offers are valid for six months, so if your current deal ends before the end of this year, look into remortgaging options now. You can lock in a fixed rate, and switch when your current deal ends, avoiding an early repayment charge. If rates drop before you start your new deal, you can switch again.’ Secondly, Ms Steed suggests speaking to an independent mortgage broker for advice. She said: ‘With mortgage rates and deals changing all the time, it might be worth seeking the help of an expert who can find suitable deals and help you apply for one quickly. That’s where a broker comes in – their knowledge of the different lenders and deals can be invaluable when it comes to navigating the mortgage market.’ Finally, Ms Steed suggests those who are struggling with repayments should speak to their lender. Ms Steed said: ‘Due to rising rates and the impact on borrowers, lenders have agreed to increase their support to those struggling with their mortgage repayments. ‘Measures include no forced repossession within 12 months of the first missed payment and a six-month window to pay interest-only or extend mortgage terms. If you’re concerned about making your mortgage payments, you should speak to your lender to discuss their options as soon as possible.’