The average price of a two-year fixed-rate mortgage has risen to the highest level in almost 15 years, topping the heights seen in the immediate aftermath of the Liz Truss-inspired mini-Budget last autumn.

Financial data service Moneyfacts said this morning that the average cost of a two-year fixed-rate deal had risen to 6.66%, above the 6.65% seen on 20 October last year, at the peak of the post-mini Budget financial panic.

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