Jacob Ress-Mogg has insisted that parts of the economy were in a “good state” as he admitted that after the economic turmoil of recent weeks his own mortgage payments have gone up. The mortgage of the minister’s home in the village of West Harptree has increased. The Business Secretary told Sky News: “Mortgage rates have gone up for everybody who has a mortgage and I have a mortgage.”
“Any floating rate mortgages have gone up,” he continued.
Asked by host Kay Burley if his had gone up, he said: “Yes, mine has gone up.”
He also told the programme that some parts of the economy remained strong, despite the problem with inflation.
He cited employment as an area of strength.
READ MORE: Mortgage rates hit highest level since financial crash
“I think the economy has some good points and some there is a difficulty.”
Average two and five-year fixed mortgage rates are continuing to climb above 6 percent, according to analysis.
Across all deposit sizes, the average two-year fixed-rate mortgage on the market on Monday had a rate of 6.31 percent, Moneyfacts.co.uk found.
The average five-year fixed rate was 6.19 percent.
Two-year fixed rates breached 6 percent last week for the first time since 2008.
Five-year fixed mortgage rates hit 6 percent last week for the first time since 2010.
The choice of residential mortgage products is gradually improving, after many deals disappeared as lenders reacted to the market volatility stemming from the mini-budget.
There were 2,905 deals on the market on Monday, up from 2,533 on Friday.