Rolling coverage of the latest economic and financial news
UK mortgage rates have climbed again today, as lender pull their cheaper deals from the market.
Data provider Moneyfacts reports that the average 2-year fixed residential mortgage rate today is 5.30%, up from 5.28% on Tuesday.
Average 2-year fix has risen from 4.83% at the start of March to 5.30% today. It’s highest since February 2025.
Average 5-year fix has risen from 4.95% at the start of March to 5.35% today. It’s highest since August 2024.
“The rapid disappearance of sub-4% mortgage deals shows just how quickly market sentiment has shifted. Nine days ago (9 March), well-positioned borrowers could choose from hundreds of fixed rate deals priced below 4%, but that has now dwindled to just two.
“The financial effects of ‘Trumpflation’ are already hitting home as the conflict in Iran is driving inflation concerns. That has forced markets to rethink the outlook for rate cuts, pushing borrowing costs higher and prompting lenders to pull and reprice deals at speed. For borrowers, it means the window for ultra-competitive sub-4% rates has been slammed shut, at least for now.”
Iranian crude exports through the corridor accounts for nearly three-quarters of the 27.2 million barrels that have left the Persian Gulf since March 1, data from intelligence firm Kpler Ltd. show. That amounts to about 1.2 million barrels a day of crude for Tehran, compared to a pre-war daily level of 1.5 million barrels.
By contrast, nearly three weeks into the war, cargoes from others in the region added up to just 400,000 barrels a day, versus an average 14 million barrels per day in peace time.
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