Mortgages hit eight-year high

Fixed-rate mortgages are at their highest rate for eight years, figures have showed. The average rate for a two-year loan, the most popular mortgage, has reached 6.64 per cent - the highest rate since 2000 and up an average of 2.30 percent from two years ago. The survey by personal finance publisher MoneyFacts comes amid warnings by economists that the Bank of England may not be able to lower interest rates again this year.