Fixed mortgage rates more than doubled in a year, then eased
Average quoted rate, % (sample lender panel)
Two-year fix rose 2.4 points from 2.4% to 4.8% between January 2021 and December 2024, ending above the five-year fix (4.5%). Its low was 2.3% in November 2021.
- Two-year fix
- Five-year fix
- 1Rate rise 16 Dec
- 2Budget shock
- 3Rates peak
- 4First cut 1 Aug
- Shallow downturn
Source: Sample data
| Month | Two-year fix | Five-year fix |
|---|---|---|
| Jan 2021 | 2.4% | 2.6% |
| Feb 2021 | 2.5% | 2.5% |
| Mar 2021 | 2.4% | 2.3% |
| Apr 2021 | 2.4% | 2.3% |
| May 2021 | 2.5% | 2.2% |
| Jun 2021 | 2.4% | 2.1% |
| Jul 2021 | 2.4% | 2.2% |
| Aug 2021 | 2.4% | 2.0% |
| Sep 2021 | 2.4% | 2.0% |
| Oct 2021 | 2.3% | 2.0% |
| Nov 2021 | 2.3% | 2.0% |
| Dec 2021 | 2.5% | 2.1% |
| Jan 2022 | 2.7% | 2.3% |
| Feb 2022 | 2.9% | 2.6% |
| Mar 2022 | 3.2% | 2.9% |
| Apr 2022 | 3.5% | 3.3% |
| May 2022 | 4.0% | 3.5% |
| Jun 2022 | 4.3% | 3.7% |
| Jul 2022 | 4.6% | 4.0% |
| Aug 2022 | 4.9% | 4.3% |
| Sep 2022 | 5.2% | 4.7% |
| Oct 2022 | 5.6% | 5.0% |
| Nov 2022 | 5.9% | 5.3% |
| Dec 2022 | 6.0% | 5.5% |
| Jan 2023 | 6.0% | 5.5% |
| Feb 2023 | 5.9% | 5.6% |
| Mar 2023 | 5.8% | 5.6% |
| Apr 2023 | 5.9% | 5.6% |
| May 2023 | 5.9% | 5.5% |
| Jun 2023 | 5.8% | 5.5% |
| Jul 2023 | 5.8% | 5.5% |
| Aug 2023 | 5.7% | 5.5% |
| Sep 2023 | 5.6% | 5.5% |
| Oct 2023 | 5.6% | 5.4% |
| Nov 2023 | 5.5% | 5.3% |
| Dec 2023 | 5.5% | 5.3% |
| Jan 2024 | 5.4% | 5.2% |
| Feb 2024 | 5.4% | 5.1% |
| Mar 2024 | 5.4% | 5.1% |
| Apr 2024 | 5.3% | 5.1% |
| May 2024 | 5.2% | 4.9% |
| Jun 2024 | 5.2% | 4.9% |
| Jul 2024 | 5.1% | 4.8% |
| Aug 2024 | 5.1% | 4.7% |
| Sep 2024 | 5.1% | 4.7% |
| Oct 2024 | 4.9% | 4.7% |
| Nov 2024 | 4.8% | 4.6% |
| Dec 2024 | 4.8% | 4.5% |
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