Average two-, five- and 10-year fixed residential mortgage rates are approaching levels not seen for a decade.

Moneyfacts data shows that the average two-year fix is priced at 3.99%, while a decade ago the rate was 4.62; an average five-year fix is now 4.14% and was 4.73% in August 2012, while a 10-year fix is now at an average of 4.19%, while it stood at 4.83% a decade ago.

Notably, the average fixed rates have not increased since Friday last, despite the base rate rise to 1.75% on Thursday.

However, five years ago the rates for a two-, five- and 10-year fix were considerably lower, averaging at 2.24%, 2.8% and 3.23% respectively.

A Moneyfacts spokesperson says: “Average mortgage rates are climbing towards levels not seen in almost decade; this month saw the average overall two-year fixed rate reach the highest level we have recorded in over nine years, while the five-year equivalent for August 2022 isn’t too far behind, breaching 4% for the first time in nearly eight years.

“This means that there may well be a number of prospective borrowers who are coming to the end of their current mortgage deal and who may have a bit of a shock when they come to secure a new fixed rate for their next mortgage, as they may face higher costs.

“There’s no guarantee that rates won’t continue on this upwards trajectory in the aftermath of recent base rate rises, so it may be wise for prospective borrowers to seek advice and the up-to-date market knowledge of a qualified adviser to support them in checking what mortgage options might be available to them, and whether they can fight the cost of living crisis by locking into a new mortgage deal which may reduce their monthly outgoings.”