Every average fixed rate rose this week, Moneyfacts reports.
As of today, 18 February, the average rate for a two-year fix increased by 5 basis points, to 2.55%, and the average three-year fix rose 5 basis points too, finishing the week at 2.61%.
Meanwhile, the average five-year fix went up by 7 basis points, go 2.82%, and the average 10-year fix moved upwards by 1 basis point, to 2.79%.
Two-year fixes
The biggest changes within this fix occurred at 70% LTV and 65% LTV. The average rate for the former increase by 24 basis points, going from 2.49% to 2.73%, while an 18 basis point change upwards for the latter saw its average rate come to 2.87%.
At 90% LTV, the average rate ticked up by 3 basis points, to 2.69%.
Three-year fixes
As above, the most significant changes took place at 70% LTV and 65% LTV, the rates for which both increased by 19 basis points to take their rates to 2.69% and 3.28%, respectively.
At 95% LTV, the average rate went up by 5 basis points, to 3.22% and, at 90% LTV, the average rate went in the other direction, falling by 4 basis points, to 2.69%.
Five-year fixes
Once again, rates at 70% LTV and 65% LTV moved the most. Here, both increased by 18 basis points, giving average rates of 2.85% and 3.03%, respectively, at the end of the week.
And at 85% LTV, the average rate moved up by 6 basis points, to 2.91%.
10-year fixes
The biggest change here happened at 95% LTV, with a 10 basis point life taking the average rate from 3.99% to 4.09%.
At 90% LTV, the average rate increased by 3 basis points, to 4.10%.
Moneyfacts finance expert Eleanor Williams comments: “This week saw a variety of updates across the mortgage sector as the majority of the average fixed rates continue to rise while providers revise their ranges and a number withdraw various offerings from the market.
“Updates to standard variable rates and linked products are also ongoing, with this week seeing Metro Bank, Cumberland Building Society, Leek United Building Society and Furness Building Society amongst those to put theirs up by 0.25%.
“The NatWest group re-vamped their range and included some fixed rate increases of up to 0.10%, as well as withdrawals focused around offerings at max. 70% LTV.
“Coventry Building Society also refreshed its range and included rate rises of up to 0.70% and the withdrawals of a couple of fixed rates. TSB pulled selected five-year fixed rate deals from sale, while we also saw product withdrawals from various other providers, including a few of the mutuals such as Leeds Building Society, Tipton & Coseley Building Society and Family Building Society.
“Other lenders putting up pricing this week included Platform, with shifts of up to 0.58% on selected fixed deals and the withdrawal of offerings at 95% LTV, HSBC, which increased various fixed deals by up to 0.35% and variable trackers by up to 0.30%, and Virgin Money, which applied rises of up to 0.25% across most fixed rates.
“Barclays Mortgage balanced selected increases of up to 0.35% while reducing other options, including some mortgage guarantee scheme deals, by up to 0.26%, while Halifax made rate rises of up to 0.10% but also reduced other deals by up to 0.34%.
“Rate cuts were also made by Generation Home of up to 0.85% and Cumberland Building Society included slashes of up to 1.81% from selected discounted variable products within its update.”
