Rubbish Check
Guardian Business · 5 October 2026
source“Average five-year fixed mortgage rate hits 6% for first time in three years”
R2/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates the Guardian's claim that the average five-year fixed mortgage rate has "hit 6% for the first time in three years" a 2/10 because the figure matches Moneyfacts' own rate-watch data exactly, and the article includes the context (base rate unchanged, swap-rate volatility, sub-5% deals vanishing) rather than burying it.
The Verdict
Lightly altered, bordering on base fact. The headline states a number that Moneyfacts itself reported that day, and the body correctly attributes the rise to swap-rate volatility rather than a Bank of England move, which is the one detail a spun version of this story would omit. The only quibble is the verb "hits," which carries a faint dramatic edge, but it's accurate, not misleading.
What actually happened
Moneyfacts reported the average five-year fixed mortgage rate reaching 6.00%, its highest level since September 2023, with the two-year average close behind at 5.98%. The rise reflects swap-rate volatility tied to bond-market turmoil, not a change in the Bank of England base rate, which has been held since December last year.
Key facts
- Average five-year fixed rate: 6.00%, highest since September 2023; corroborated independently by Mortgage Strategy's same-day report, which put it at "the average five-year fixed mortgage rate has hit 6%" with the two-year "close behind at 5.98%".
- Sub-5% fixed deals fell from 1,494 at the start of September to just nine, a 99% drop, matching the Mortgage Strategy figure of "just nine sub-5% fixed deals, down from 1,494 at the beginning of the month."
- Bank of England base rate: unchanged since December last year; the move is driven by swap rates, not Bank policy.
- A £250,000 loan fixed at 6% over five years costs £158 more per month than the same loan locked at 4.94% in February, per HomeOwners Alliance.
- Nationwide reported annual house price growth roughly halved in September, consistent with Mortgage Strategy's separate report of growth falling to 0.8% from 1.6%.
What to watch for
Watch whether swap rates keep climbing or reverse once bond-market jitters ease; a reversal would flatter next month's average and could undercut the "disastrous" framing from Moneyfacts' own spokesperson. Also watch the sub-5% deal count, already down to single digits, as a leading indicator of how far lenders expect rates to rise further.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
