Average rates saw a sharp weekly spike this week as some product categories surged by 58 basis points and more than 50 lenders raised prices.

Moneyfacts’ rate watch data shows severe increases since last Friday, but the movements have not yet been as steep as they were following the Liz Truss mini-Budget.

Back then, in September 2022, average two-year fixed rates jumped by 181bps in a single week.

Over the past week, the average two-year fixed has climbed 40bps higher to reach 5.75%.

This is 92bps higher than it was just before the outbreak of war in Iran.

The average five-year fixed is 30bps higher than last Friday, at 5.69% today.

Average three-year fixed rates at 65% LTV saw the steepest weekly increase, of all categories, rising by 58bps to 5.19%.

Average two-year fixed rates at 50% LTV soared by 57bps to 5.48%.

Most other product tiers saw week-on-week increases of 40-50bps.

The Chancellor met with the six largest lenders to confirm mortgage support for borrowers amid the ongoing turmoil.

Moneyfacts head of consumer finance Adam French says: “Rates aren’t moving as quickly as we saw in response to the mini-Budget.

“However, the longer the conflict grinds on and global supply chains remain heavily disrupted the closer we may get to reaching the levels of increases we saw then but over a longer timeframe.

“The average rate on a two-yr fix has only increased by around half the amount it did over a similar timeframe in response to the mini-budget. 

“Back then rates calmed and fell away a bit before rising again as Base Rate rose over the next couple of years. 

“The path to a calmer market today is less clearcut.”

He adds: “Rapid repricing, withdrawals and the selective relaunching of products all point to a market still scrambling to keep pace with higher funding costs. 

“Mortgage pricing is moving quickly and does not wait for the Bank of England to act. 

“As long as the money markets continue to price in higher interest rates due to the ongoing conflict in the Middle East, lenders will need to keep adjusting their ranges.”

Here are some of the significant changes this week by lenders:

AIB (NI) – Range restricted to purchase only; cashback removed from green fixes; max 60% LTV fixed rates withdrawn and relaunched; Fixed rates increased by up to 88 bps.

Accord Mortgages – Variable trackers increased by up to B7bps; fixed rates up to 42bps; end dates extended; selected products withdrawn

Aldermore – Range withdrawn and repriced; new 2-yr (+65bps) and 5-yr (+45bps) fixed rates launched

April Mortgages – Fixed rates increased by up to 30bps

Atom Bank – Fixed rates increased (by 35bps and then 15 bps)

Bank of Ireland Intermediaries – Fixed rates increased (up to 30bps and then up to 38bps); selected products withdrawn

Bank of Ireland UK – Selected fixed rates withdrawn; others increased up to 30bps.

Barclays Mortgage – Fixed rates increased by up to 35bps.

Bath Building Society – Fixed rates withdrawn

Buckinghamshire Building Society – Discounted variable rates withdrawn

Cambridge Building Society – Majority of fixed and discounted variable rates withdrawn

Clydesdale Bank – Fixed rates withdrawn; discounted variable rate increased by 20bps.

The Co-operative Bank – New fixed and variable rates launched

Coventry Building Society – Range withdrawn; new products launched; fixed rates increased by up to 75bps.

Darlington Building Society – New fixed and discounted variable products launched

Dudley Building Society – Fixed rates withdrawn

Family Building Society – Fixed rates withdrawn

First Direct – Fixed rates increased up to 27bps and then up to 88bps

Foundation – New fixed rates launched

Furness Building Society – Fixed rates increased by 55bps

Gatehouse Bank – Fixed rates increased by 45 bps; Selected fixed rates withdrawn

Gen H – Fixed rates increased by up to 40bps; new remortgage fixes launched

HSBC – Fixed rates increased by (up to 52bps and then up to 60 bps; trackers by (up to 20bps then up to 20 bps)

Halifax – Fixed rates increased by up to 50bps

Hanley Economic Building Society – Multiple products withdrawn; new RIO fixed rate launched

Hodge – Mortgage range temporarily withdrawn

Kensington – Fixed rates increased by 20bps; new Select product launched

Leeds Building Society – Fixed rates increased by up to 38bps

Leek Building Society – Fixed rates increased (up to 50bps and then up to 25bps); selected products withdrawn

LendInvest Mortgages – Fixed rates increased by up to 50bps; selected products withdrawn

Lloyds Bank – Fixed rates increased by up to 50bps

Loughborough Building Society – New fixed rate launched; selected products withdrawn

Melton Building Society – New fixed rates launched; selected products withdrawn

Metro Bank – Fixed rates increased (up to 30bps and then up to 70bps); new products launched

NatWest – Fixed and tracker rates increased by 15bps; end dates extended

Nationwide Building Society – Fixed rates increased by up to 30bps; trackers by up to 10bps

Newcastle Building Society – Selected products withdrawn; fixed rates increased; new products launched

Nottingham Building Society – Fixed rates increased (up to 80bps and then up to 60bps); selected products withdrawn; Rio fixed rates increase by up to 40 bps

Penrith Building Society – Discounted variable rates increased by 20bps

Pepper Money – Fixed rates increased by up to 50bps

Perenna – Fixed rates increased by 30bps

Principality Building Society – New fixed rates launched

Progressive Building Society – Selected products withdrawn; fixed rates increased by 29bps

Royal Bank of Scotland – Fixed and tracker rates increased by 15bps; end dates extended

Santander – Fixed rates increased by up to 39 bps

Scottish Building Society – New fixed rates launched; selected products withdrawn

Skipton Building Society – New fixed rates launched; Selected fixed rates increased by up to 6 bps

Suffolk Building Society – Fixed rates increased by up to 26bps; selected products withdrawn; end dates extended; Discounted variable rates increased by up to 20 bps

TSB – Fixed rates increased by up to 45bps; Then selected fixed rates for house purchases increased by up to 45 bps

Vernon Building Society – New fixed rates launched

Vida Homeloans – Fixed rates increased (up to 60bps and then up to 50bps)

Virgin Money – Fixed rates increased by up to 70bps; trackers by 10bps

West Brom Building Society – Selected fixed rates withdrawn

Yorkshire Building Society – Fixed rates increased by up to 53bps; trackers up to 23bps; end dates extended