Turbulence in the UK mortgage market is at its most intense since the mini-Budget of 2022, figures suggest, as the average rate on two-year fixed deals rose above 5%. The rate is at its highest level since August, according to financial information service Moneyfacts. Five-year mortgages are at their most expensive since June.

Fifteen-year mortgage rates hit a six-month high today. The current average mortgage rate on a 30-year fixed mortgage is 6.32%, compared to 6.17% a week earlier, according to the Mortgage Research Center.