Average five-year fixed mortgage rates have reached 6%, with average two-year fixes close behind at 5.98%, amid swap-rate volatility and higher gilt yields. Product pricing remains uneven: Accord has cut all residential new-business fixed rates by 0.10%, while TSB and Coventry Building Society have increased selected pricing.
For advisers, this is a fast-moving sourcing and client-communication challenge. AI can help monitor lender criteria, identify clients approaching the end of a fixed term and prepare scenario comparisons, but it should not replace suitability assessment. Firms should ensure any AI-generated rate illustrations are current, explain assumptions clearly and remain subject to adviser review under Consumer Duty.