UK mortgage rates rise at fastest pace in a decade

UK mortgage rates rose at their fastest pace for a decade in the six months to May according to data from the Bank of England, fuelling expectations that the country’s housing market is cooling after a pandemic-induced boom.

Figures published on Friday showed that the average interest rate on newly drawn mortgages increased by 13 basis points to 1.95 per cent in May. This is 46 basis points above the rate in November, marking the…