Average five-year mortgage rate hits 12-year high

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The interest rate on a typical five-year fixed rate mortgage has topped 6% for the first time in 12 years.

The typical deal now has a rate of 6.02%, the financial information service Moneyfacts says, a level not seen since February 2010.

Rates have jumped sharply in the past couple of weeks, and hundreds of mortgage deals have been taken off the market.

 

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That not to bad It went to 17% under labour

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