Average fixed-rate mortgage prices rose this week as lenders made rounds of rate hikes, according to the latest Moneyfacts Rate Watch.

The average two-year fix now costs 5.67%, up 7bps from 5.6% last week. Meanwhile the typical five-year fix now costs 5.72%, an 8bps rise from last week’s 5.64%.

In total, 28 lenders made mortgage product changes this week, with 20 either increasing rates or making mixed repricing changes, compared with just three lenders making net cuts.

Moneyfacts head of consumer finance Adam French said: “The latest mortgage rate increases come as wholesale funding costs have risen sharply.

“Two-year swap rates have climbed from 4.33% to around 4.6%, while five-year swaps have risen from 4.43% to around 4.7% since 4 September. The rise follows the European Central Bank increasing its bank rate, which has strengthened market expectations that other central banks, including the Bank of England, could also be forced to raise rates in the months ahead.

“Mortgage rates have only just caught up with earlier increases in swap rates, meaning lenders will now face further pressure to reprice. Unless swap rates fall back significantly, borrowers need to be prepared for further mortgage rate increases in the weeks ahead.”

Notable fixed rate and tracker changes

• Accord Mortgages – Fixed rates increased by up to 15bps.
• Atom Bank – Fixed rates reduced by 10bps, with one 95% LTV product unchanged.
• Bank of Ireland Intermediaries – Fixed rates increased by up to 12bps, excluding the Bespoke range.
• Bank of Ireland UK – Fixed rates increased by up to 12bps.
• Barclays Mortgage – Selected fixed rates increased by up to 18bps before being reduced by up to 20bps; its two-year tracker was also reduced by 4bps.
• Coventry Building Society – Fixed rates increased by 20bps.
• Darlington Building Society – Selected fixed rates reduced by up to 30bps.
• Foundation – Selected fixed rates increased by up to 20bps.
• HSBC – Fixed rates increased by up to 17bps.
• Halifax – Selected fixed rates increased by up to 12bps for direct business and up to 18bps via intermediaries.
• Hanley Economic Building Society – Two-year discounted variable rates increased by up to 41bps.
• Leeds Building Society – Selected fixed rates increased by up to 29bps.
• Leek Building Society – Fixed rates increased by up to 20bps, although its interest-only rate increased by 10bps.
• LendInvest Mortgages – Two-year fixed rates increased by 15bps and five-year fixed rates by 30bps.
• Lloyds Bank – Selected fixed rates increased by up to 12bps.
• Nationwide Building Society – Selected fixed rates increased by up to 20bps and tracker rates by up to 5bps.
• Nottingham Building Society – Fixed rates increased by up to 13bps, with 95% LTV products unchanged.
• Principality Building Society – Selected fixed rates increased by up to 18bps.
• Progressive Building Society – Two-year fixed rates and discounted variable rates for house purchase reduced by 20bps.
• Santander – Selected fixed rates increased by up to 25bps and tracker rates by up to 15bps.
• Skipton Building Society – Fixed rates increased by up to 20bps.
• TSB – Selected fixed rates increased by 15bps.
• West Brom Building Society – Selected fixed rates increased by up to 19bps, although some rates were reduced by up to 7bps.