Average two- and five-year fixed rate mortgage rates have both topped 5% as the inflationary impact of the Middle East conflict causes lenders to rush to reprice.

The average two-year fix is now 5.01%, up from 4.84% on March 6, while the typical five-year fix is now 5.09%, up from 4.96%, according to financial experts Moneyfacts.

Moneyfacts said that 472 residential mortgage products were withdrawn from the market over the past 48 hours.

This is around 6.5% of the total residential mortgage market, which now stands at 7,164 available products.

This is the biggest fall in available mortgage product numbers since the aftermath of the mini-Budget in September 2022.

The biggest single day fall of residential mortgage products on record was the withdrawal of 935 residential mortgage products on 27 September 2022.

This was a little over 25% of available mortgage products at that time.

Moneyfacts head of consumer finance Adam French said: “Many of these deals are likely to return within the next few days and weeks as lenders adjust their pricing to higher rate expectations.

“It’s unwelcome news for borrowers, as the prospect of falling mortgage rates has quickly given way to rate rises. How far they could go is now heavily dependent on how global markets and inflation expectations evolve as conflict in the Middle East unfolds.”