This week, all average fixed mortgage rates have increased, according to data from Moneyfacts.
Specifically, the average rate for a two-year fixed rate increased by 3 basis points, to 2.89%, and the average rate for a three-year fixed rate increased almost as much, with an increase of 2 basis points bringing it to 2.92%.
The average five-year fixed rate also rose 2 basis points, to 3.03%, and the average 10-year fixed rate rose 1 basis point to end the week at 2, 95%.
Here, the average 90% LTV rate and the average 85% LTV rate increased by 4 basis points, to 2.98% and 2.97%, respectively, while at 65% LTV the average rate increased fell 2 basis points, holding at 2.99%.
There were two unusual moves, relatively speaking, to this patch. First, at 95% LTV, the average rate fell 5 basis points to 3.21%, and the average rate at 65% LTV fell 78 basis points, with the price falling from 4.34% to 3, 56%.
The largest gain recorded in this fix occurred at 50% LTV, where the average rate changed by 8 basis points to 3.31%.
At 95% LTV, the average rate increased by 3 basis points, to 3.40% and, at 85% LTV, a rise of 4 basis points saw the average rate rise to 3.10%.
Meanwhile, at 65% LTV, the average rate fell 3 basis points to 3.22%.
10 year fixes
A 5 basis point drop to 85% LTV saw the average rate hit 3.44% on Friday, and at 75% LTV the average rate gained 2 basis points to 2.76%.
Moneyfacts expert Eleanor Williams said: “Another week of activity from providers, including rate hikes in their latest changes, sees average fixed rates continue to climb as the residential sector remains fluid after three consecutive base rate hikes.
“This week, Principality BS raised its fixed rates to 0.61%, as well as the revived and bullish rates it had recently withdrawn. Lloyds Bank has focused its repricing on certain fixed rates for mortgage borrowers, applying increases of up to 0.57%.
“Elsewhere, the NatWest Group has increased its fixed rates by up to 0.40% and has also returned no-cost fixed rate offers to its product line, offering them at rates 0.30% higher than products with a fee of £995.
“Other changes this week include Santander which, in addition to raising some fixed rates up to 0.25%, has withdrawn a number of offers from the sale. Generation Home has increased its rates across all of its range of 0.20%, except for its 95% LTV products.
“Skipton BS bucked the trend and included rate reductions of up to 0.23% on select fixed and variable rate products, while adding new offerings to its range.
“Updates also came from Scottish BS, which withdrew and replaced its retirement interest only mortgages, while Hodge withdrew some of its ’50+’ offers this week. Accord Mortgages has introduced new “Cascade Score” fixed rates for those buying at 90% LTV who may have been denied a mortgage due to lenders not meeting high LTV requirements.
“We also continue to see standard variable and return rate updates this week from providers such as Virgin Money, TSB, Post Office Money® and AIB.”