As of the beginning of August 2023, the average mortgage rate in the UK is 7.095% for a 30-year fixed-rate mortgage. This is up from 6.76% previously. The average rate for a 15-year fixed-rate mortgage is 6.15%, and the average rate for a 5-year adjustable-rate mortgage is 7.73%.
Mortgage rates are expected to continue to rise in the coming months, as the Bank of England continues to raise interest rates in an effort to combat inflation.