The average rate for two-, three- and five-year fixes all increased this week, shows Moneyfacts’ latest report.
The average rate for a two-year fix rose 3 basis points to 2.41%, the average rate for a three-year fix went up by 13 basis points, to 2.47%, and the average rate for a five-year fix ticked up by 3 basis points, to 2.68%.
Meanwhile, the average rate for a 10-year fix stayed put throughout the week, at 2.97%.
Two-year fixes
The main risers within this fix took place at 90% LTV, where the average rate increased by 5 basis points to 2.59%, and at 85% LTV, where the average rate moved up 4 basis points to 2.46%.
At 65% LTV, the average rate fell 6 basis points, to 2.70% and, at 70% LTV, the average rate dropped 5 basis points, to 2.28%.
Three-year fixes
There was a high number of heavy moves here this week. In order of size: at 60% LTV, the average rate flew upwards by 25 basis points, and at 75% LTV, the average rate jumped by 13 basis points to 2.05%.
At 80% LTV, the average rate rose by 12 basis points to 2.31%; and, at 85% LTV, the average rate increased by almost as much, going up 11 basis points to 2.46%.
A more modest rise of 6 basis points took place at 90% LTV, where the average rate finished the week at 2.71%.
Five-year fixes
The biggest rate rise happened at 90% LTV, which saw its average rate go up by 4 basis points to 2.95%.
At 65% LTV, the average rate shed 5 basis points, finishing at 2.83% and, at 70% LTV, the average rate lost 2 basis points, coming to 2.51%.
10-year fixes
The only rate change of any significant was found at 65% LTV, where the average rate moved down 2 basis points to 2.02%.
Moneyfacts finance expert Eleanor Williams says: “Rate re-pricing remains the predominant theme, with providers such as Leeds Building Society balancing rate increases of up to 0.30% against reductions to up to 0.25% across a selection of fixed rates, while also launching various new deals.
“Platform revamped its range, which included relaunching a number of products as well as increasing selected fixed rates by up to 0.27% while reducing others by up to 0.25%. Yorkshire Building Society also made cuts of up to 0.10% on some deals, while other products saw rate rises of up to 0.23% and new variable tracker deals were also introduced.
“Other changes processed included first direct applying reductions of up to 0.30% to a handful of fixed rates, and also reducing tracker rates for term by 0.15%, and Accord Mortgages made some fixed rate cuts of up to 0.30%, as well as raising the cashback on selected products and introducing new deals, including some for new-build flat purchases.
“Elsewhere, Habito applied rate increases of up to 0.71% across a selection of its ‘Habito One’ fixed rates for term, while Vida Homeloans and Pepper Money both withdrew and replaced their respective residential ranges.
“This week also saw Nationwide Building Society, Cumberland Building Society and TSB raised their Standard Variable Rates by 0.15%, while Yorkshire and Clydesdale Bank reduced its by 0.06%, but also raised its offset variable rate by 0.15%.”
