The average two-year fixed rate has risen for a ninth consecutive month and, at 3.74%, has increased by 0.49% month-on-month. It is now 1.40% above where this rate sat in December 21 (2.34%), the highest Moneyfacts has recorded in over nine years (May 2013 – 3.80%).
At 3.89% the average five-year fix has also risen for nine successive months and is the highest on record since November 2014 (3.93%). Following the month-on-month rise of 0.52%, this rate is now 1.25% above the equivalent rate recorded in December 2021 (2.64%).