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For one, 30-year fixed-rate mortgage rates fell from over 7% in May 2024 to just over 6% around the time of the Fed's September rate cut.

When his two-year fixed-rate mortgage was up for renewal, he hoped to find a better rate.

As expectations grow that it will look to borrow billions more from the financial markets, the cost of new borrowing is already rising affecting fixed-rate mortgage deals.

And so too did the cost of new fixed-rate mortgage deals – which are also linked to those markets.

So-called swap rates, which influence the price of fixed-rate mortgage deals, have been rising in recent days.