The average two-year fixed residential mortgage has risen 2bps to 4.84% this week, while the typical five-year fix is up 2bps on last week to 4.96%.

Many major mortgage lenders have already announced rate hikes this week, including Coventry Building Society, HSBC, Nationwide, Nottingham Building Society and Virgin Money.

Moneyfacts head of consumer finance Adam French said: “Mortgage rates had looked poised to move lower this week, but war in the Middle East has abruptly changed the mood.

“Around a dozen lenders made changes to their ranges this week, with a mix of reductions, increases and product withdrawals.”

Swap rates have climbed sharply since the conflict began.

Two-year swap rates rose from 3.33% on 27 February to around 3.65% on the morning of 6 March, while five-year swaps have risen from 3.50% to about 3.80% over the same period.

French added: “Borrowers may be about to face a period where mortgage pricing is more volatile than expected just a few weeks ago. While competition between lenders and the approach of the spring homebuying season may temper some increases, movements in swap rates are likely to remain the dominant force shaping mortgage pricing for now.”

Noteable rate changes this week

• Bank of Ireland Intermediaries– New fixed rate mortgages to 30.6.31 at 4.09% (max 60%), 4.14% (max 75%) & 4.25% (max 85%). Selected fixed rates reduced by up to 16bps and end dates extended. Selected fixed bespoke green news build mortgages withdrawn.
• Bank of Ireland UK–Fixed rates reduced by up to 16bps and end dates extended. New fixed rates 30.6.31 starting from 4.09%.
• Chorley Building Society– New fixed rate mortgages to 31.3.28 at 5.19%, max 90% and 5.69%, max 95%.
• Gen H– Fixed rates increased by up to 25bps
• HSBC– Fixed rates increased by up to 25bps. Variable tracker rates increased by up to 10bps.
• Halifax– New variable tracker mortgages to 31.5.28 starting from 3.86%.
• Hinckley & Rugby Building Society – No fixed rate change (end dates extended only)
• Leeds Building Society – Fixed rates reduced by up to 16bps
• Lloyds Bank– New variable tracker rate mortgage to 31.5.28 starting from 3.86%.
• Melton Building Society – Fixed rates reduced by up to 11bps
• Nationwide Building Society – Fixed rates increased by up to 25bps
• Newcastle Building Society – Fixed rates increased by up to 25bps. Selected variable rate product withdrawn
• Principality Building Society – Fixed rates reduced by up to 13bps and end dates extended
• Santander– Fixed rates reduced by up to 38bps or increased by up to 7bps Variable rates increased by up to 16bps.
• The Co-operative Bank for Intermediaries– Fixed rates reduced by up to 33bps or increased by up to 8bps. End dates extended
• Tipton & Coseley Building Society – No fixed rate change (end dates extended only)
• Virgin Money– Fixed rates increased by up to 25bps
• West Brom Building Society – Fixed rates increased by up to 6bps and end dates extended
• Yorkshire Building Society– Fixed rate product for remortgage borrowers withdrawn.