![Pinterest](https://pinterest.com/pin/create/button/?url=https://uknews.evprotec.com/mortgage-misery-for-millions-as-interest-rates-hit-15-year-high/&media=https://uknews.evprotec.com/wp-content/uploads/2023/07/crop-22829024.jpg&description=HOUSE hell Published : 9:18, 11 Jul 2023 Updated : 9:20, 11 Jul 2023 MILLIONS are set for more mortgage misery as interest rates have hit a 15-year high today. The average rate on a two-year fixed mortgage has increased to 6.66%, the highest its been since 2008. 1 Millions are set for more mortgage misery as interest rates have hit a 15-year high today Credit: EPA Figures released by data site MoneyFactsCompare have revealed that the rate has now surpassed the previous peak of 6.65% last October. This was during the aftermath of the chaotic mini- Budget . It means that this is the highest rate for a two-year deal in 15 years. It comes just a week after the average interest rate on a five-year fixed rate mortgage ticked up from 5.97% to 6.01% overnight. The average interest rate on a five-year fixed rate mortgage ticked up from 5.97% to 6.01% overnight. This was the first time this year that the average rate for five-year fixes had gone over 6% this year. Today, the rates hit 6.17% for a five-year deal. The peak for a five-year fix is still a little way off at 6.51% also in October 2022. Rates have been on the rise again amid expectations that interest rates will need to stay higher for longer as the Bank of England tries to tackle "sticky" high inflation . The central bank increased rates by 0.5 percentage points in June from 4.5% to 5% , the highest in just under 15 years since September 2008. It is also the 13th time in a row that the BoE has raised rates since December 2021 when they were at historic lows. The latest increases to rising rates brings more misery for mortgage holders. The bulk of homeowners are on fixed-rate products, although around 2.4million deals are due to end between now and the end of next year, according to UK Finance. In a bid to help those struggling with higher monthly payments, the government has brought in new measures including extending the term of their mortgage and moving to interest-only repayments. How to get the best d){kind=link}
MILLIONS are set for more mortgage misery as interest rates have hit a 15-year high today.
The average rate on a two-year fixed mortgage has increased to 6.66%, the highest its been since 2008.
Figures released by data site MoneyFactsCompare have revealed that the rate has now surpassed the previous peak of 6.65% last October.
This was during the aftermath of the chaotic mini-Budget.
It means that this is the highest rate for a two-year deal in 15 years.