A typical two-year fixed mortgage deal in the UK now has an interest rate of more than 6% for the first time since December.
Mortgage lenders have been putting up rates and pulling deals at a rapid rate in recent weeks, driving up costs for homeowners seeking new deals.
Recent high inflation and strong pay growth figures mean interest rates are now expected to rise by more than expected, pushing up borrowing costs.
Prime minister Rishi Sunak has appeared to rule out any extra support for homeowners.
On Monday, the prime minister told Britain that his priority was to halve inflation by the end of the year.
Today, the average rate for a two-year fixed-rate mortgage stood at 6.01% according to the financial information service Moneyfacts.
The interest rates on mortgages soared to 6.65% after last autumn’s mini-budget before calming slightly. But rates have climbed sharply again recently.
