UK Mortgage Rates Reach Highest Levels Since November As Five-Year Fixed Rates Top 6%

• The average cost of a five-year fixed rate mortgage in the UK rose above six percent for the first time since November.
• Two-year fixed rates were on the brink of surpassing 6.5 percent.
• Increasing mortgage rates will impact homeowners as their existing fixed-rate deals expire.
• Around 90 percent of outstanding mortgages in the UK are on fixed rates from when rates were lower.
• Banks and other lenders are being accused of profiteering during the UK's cost-of-living crisis.

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