Rightmove’s weekly mortgage tracker shows that the average five-year fixed mortgage rate is now 4.85%, up from 4.62% a year ago.

The average 2-year fixed mortgage rate is now 5.23%, up from 4.96% a year ago

The average 85% LTV 5-year fixed mortgage rate is now 4.79%, up from 4.64% a year ago

The average 60% LTV 5-year fixed mortgage rate is now 4.37%, up from 4.30% a year ago

The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,1,01 per month, up from £1,076 per month a year ago.

Rightmove’s mortgage expert Matt Smith is optimistic that the trajectory of rates will be downwards in the coming months.

“Today’s inflation news is positive, and every day is one step closer to when we might see the first Base Rate reduction, and mortgage rates are likely to reduce before this.

He added: “I don’t think this will change the course of the Bank of England’s decision on the Base Rate tomorrow, but I expect both the Bank and home-movers will have some renewed optimism for the direction the economy and mortgage rates are heading in after today.”