Average two, three and five-year mortgage rates shifted upwards by a basis point or two over the past week, Moneyfacts’ analysis shows.

Looking at the overall averages across all LTV tiers, two-year fixed rates increased by 1 bp to 4.97%, three-year fixed rates by 2 bps to 4.91% and five-year fixed rates by 1 bp to 5.01% and 10-year rates also rose by 1 bp to 5.68%.

Within individual LTV tiers, the biggest change was to five-year fixed rates at 100% loan-to-value, where the average increased by 5 bps to 5.57%, but as there are few products in this category the change could have been due to a move by a single lender.

After this, the next most substantial move was to average 10-year fixed rates at 50% LTV which increased by 4 bps to 4.74%, but this is also a niche category where individual lender can have a disproportionate impact on the average.

Of the more mainstream categories, three-year fixed rates at 75% LTV saw the biggest shift, as the average increased by 3 bps to 4.76%.

Separate research from Moneyfacts this week shows that mortgage payments now account for half of average pay.

Moneyfactscompare.co.uk finance expert Rachel Springall says: “The week started a bit subdued for rate moves, with mixed rises and falls, but a couple of lenders have today increased an array of fixed deals which outweighed cuts.

“The prominent brands to increase selected fixed rates this week included Barclays by up to 10 bps, TSB by up to 15 bps and Virgin Money by up to 22 bps.

“Out of the building societies to make rate moves this week, the majority increased selected fixed rates, which included: Nationwide Building Society by up to 20 bps, Skipton Building Society by up to 21 bps, Monmouthshire Building Society by up to 35 bps, Newcastle Building Society by up to 17 bps and Leeds Building Society by up to 10 bps. 

“By contrast, Principality Building Society made cuts of up to 27 bps, but they also increased by up to 13 bps.

“Atom Bank made selected fixed cuts of up to 10 bps, as did Precise by up to 16 bps, however, they also increased selected rates by up to 13 bps and withdrew some deals.”

Springall points out that, despite no major changes to the average rates, lenders have made other moves that are helpful to borrowers.

She says: “HSBC is the latest lender to review its loan-to-income ratios, now allowing first time buyers to borrow up to 5.5 times their annual income. 

“Other lenders have been doing similar over the last couple of months, amid a drive by the government for lenders to ‘do more’ for new buyers to boost UK growth.”