The average two-year fixed is now 5.75%, up by 92 basis points since the outbreak of war, today’s data from Moneyfacts reveals.

On February 26, just prior to the air strikes on Iran, the average two-year fixed rate was 4.83%.

Average five-year fixed rates are now 5.69%, up 74bps over the same period from 4.95%.

Moneyfacts’ overall average mortgage rate, across all product types, has risen by 25bps since Monday and is now at 5.65%.

This is the highest it has been for 19 months.

Today the Chancellor confirmed she had met with the largest six lenders to ensure their support for borrowers amid soaring costs.

Moneyfacts head of consumer finance Adam French says: “Mortgage rates have continued to rise sharply, with around three in four active lenders increasing rates, launching or withdrawing products this week.

“The speed at which pricing is shifting is remarkable.

“Products have been slowly trickling back onto the market in recent days, with 160 added since Wednesday, but priced at much higher rates than previously which has been driving up average rates on new mortgages.

“There are still 1,620 fewer products on the market than there were when lenders began pulling deals in response to rising funding costs on 9 March 2026.

“The softer end of the mortgage market has been taking some of the biggest hits as short-medium term rate expectations have been completely turned on their head. 

“The very cheapest deals have shifted significantly, with the lowest rate available to borrowers across the UK now at 4.47%, up from 3.51% before the conflict with Iran began – almost a full percentage point higher. This adds an extra £132 per month – almost £1,600 per year – to the cost of borrowing £250,000 over 25 years.

“While a quicker resolution to the conflict in the Middle East could ease pressure on rates, the reality is that a more volatile world is a more expensive world.”