Moneyfacts Reveals Slight Decrease in Average Five-Year Fixed Mortgage Rate

While it is unclear whether the bank rate has reached its peak, some mortgage lenders chose to cut their rates this week.

A view of houses in Thamesmead, southeast London, on July 27, 2021. Yui Mok/PA Media

The average five-year fixed-rate homeowner mortgage has fallen close to the 6 percent mark, while UK first-time buyers still struggling to afford new homes.

The financial information service Moneyfacts has reported a drop across all deposit sizes on the market for an average five-year fixed-rate homeowner mortgage. The figures show that the rate is edging down from 6.04 percent on Tuesday to 6.03 percent.