The average price in all main fixed rate categories rose this week, data gathered by Moneyfacts shows.
The three-year fix saw the biggest leap upwards, increasing by 57 basis points on average to take its price to 6.98%.
Meanwhile, the average rate for a two-year fix rose 31 basis points, to 6.47%, the average rate for a five-year fix grew 22 basis points, to 6.29%, and the average rate for a 10-year fix went up 16 basis points, taking it to 5.78%.
Two-year fixes
At 90% LTV, the average rate increased by 28 basis points, leaving it at 6.40% and at the other end of the spectrum, at 60% LTV, the average rate rose 48 basis points, to 6.09%.
The most significant change took place at 65% LTV, where a 231 basis rate rise saw the average rate hit 8%.
Three-year fixes
Despite the average rate across all LTVs at this fix seeing the biggest rise this week, there were outliers within it– specifically, the average rate at 95% LTV fell 9 basis points, to 6.53% and, at 90% LTV, the average rate dropped 8 basis points, leaving the price to stand at 6.21%.
The biggest rise occurred at 70% LTV, which grew 137 basis points to 8.30%.
Five-year fixes
Normal service resumed at the higher LTVs here. At 90% LTV, the average rate rose 22 basis points, to 6.11% and at 85% LTV, the average rate found 24 more basis points, which left it at 6.31% by the end of the week.
At 65% LTV, meanwhile, there was a rise of 114 basis points, taking the average rate to 7.51%.
10-year fixes
At 75% LTV, the average rate climbed 27 basis points, to 5.72%. Other increases within this fix stretched from 13 basis points to 16 basis points.
Moneyfacts finance expert Eleanor Williams says: “There has been some recovery in the level of choice for prospective mortgage borrowers this week, with the total number of mortgage products rising to over 3,000 as of today as lenders begin to return options to their ranges.
“However, this remains over 800 deals less than were on offer prior to the fiscal announcement on 23 September, and over 2,000 less than were available at the start of December 2021 before the first of the recent base rate rises.
“Average two- and five-year fixed rates have continued to climb, both sitting at levels not seen since 2008.”
