markets that help determine mortgage rates started two assume a further two rate rises at least in the next few weeks taking base rate to 5%. 0r higher. mortgage payers are feeling the pain. well it s starting to feel like it s almost relentless. you know it s like, 0k, almost relentless. you know it s like, ok, when is it going to stop? when there has been a rate increase the bank of england has increased the bank of england has increased the interest rates, literally the next week ich i have had a letter saying, good news we are putting up your repayments. according to moneyfacts an average two year fixed rate is now 5.72% versus 5.34% before that shock inflation number and for a five year fix this is now at 5.41%. well up, but not quite at the 6.5% level seen last autumn. these are the highest levels since the aftermath of that mini budget crisis.