Cost of living latest: Mortgage deals had been coming down – but that has now stalled

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Mortgage deals had been on the decline this year, but that progress is starting to stall. 

According to Moneyfacts, the average rate on a two-year fixed mortgage deal is now sitting at 5.33%.

Under this rate, a person with a mortgage of £250,000 over a 25-year period would be paying £1,510 a month, Barclays mortgage calculator estimated. 

This is up from last month when the figure sat at 5.32% but is down from January (5.79%) and February (5.44%). 

For those looking for a five-year fixed term deal, the current average rate is 5.03%, which is also up from March when the figure was recorded as 5%. 

It is still down from the rates seen at the start of the year, with January recording an average of 5.63% and February seeing the figure sit at 5.2%. 

It is important to note that the averages are still a lot lower than last autumn, when the former prime minister Liz Truss’s mini-budget sent the market into a state of panic and rates soaring to more than 6%. 

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