Average UK five-year mortgage rate less than 6% for first time in seven weeks

Fixed interest rate deals starting to drop and could fall further still', says Moneyfacts

The average rate on a five-year mortgage deal has dropped below 6% for the first time since the disastrous mini-budget two months ago that ended up costing Kwasi Kwarteng his job as chancellor.

Moneyfacts, a financial data provider, said that the average five-year fixed mortgage rate had dropped below 6% for the first time in seven weeks. The reduction is good news for would-be borrowers but rates could fall further still", it suggested.