Mortgages & market outlook
Five-year mortgage rates reach 6%: what it means for your next move
Higher borrowing costs bring renewed attention to budgets, timing and the price of the right property.
The average new five-year fixed mortgage rate has reached 6%, its highest since September 2023. The two-year average is 5.98%. BBC News reported the Moneyfacts figures on 5 October 2026. These are market averages; individual offers vary.
What this means for a property search
Our perspective: a clear, current borrowing budget gives a property search firmer foundations. For buyers in London and the Home Counties, the right shortlist should reflect both the purchase price and ongoing ownership costs.
Before making an offer, revisit your figures with your lender or mortgage adviser. Keep room for legal fees, surveys, moving costs and any planned works. A higher headline rate alone does not establish whether a particular home is fairly priced.
Planning your next move
We help clients define their search, assess suitable homes and negotiate purchases. If you are selling, understanding buyers’ funding position can also help set realistic expectations for price and timing.
For an existing fixed mortgage, the agreed rate remains in place until the fixed period ends.
