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Average 2-year fixed mortgage rate may reach 6% within weeks

By Joel Stanier - Financial specialist

30 June2009

Moneyfacts.co.uk has said that the average interest rate on a two-year fixed-rate mortgage could soon reach 6%, according to The Telegraph.

The average rate offered to fixed-rate customers looking for two-year deals has been rising rapidly over the last week. On Wednesday, The Telegraph said that the average rate stood at 5.04%, up from 4.92% two days previously and 4.74% a week before that.

Darren Cook of Moneyfacts.co.uk said: "Banks are saying they don`t want to be overly competitive and they are being forced to put up their rates, and this is having a spiral effect. If it carries on like this, within a couple of weeks we could see an average rate of 6%."

A mortgage expert for Think Money said: "It is now looking likely that fixed-rate mortgages will become more expensive in the near future, so people looking to buy a home or remortgage may have to move fast to secure a lower rate."

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