The average price of all fixed rate mortgages rose this week, powered by major hikes at almost every LTV category.

For a two-year fix, the average rate jumped 9 basis points, to 2.64%, and for a three-year fix, the average rate climbed 10 basis points, to 2.71%.

The average rate for a five-year fix increased by 6 basis points, to 2.88, and the average rate for a 10-year fix went up by 8 basis points, to 2.87%.

Two-year fixes

At stated above, there were significant moves almost everywhere this week. Therefore, this report will cover rate changes at the highest and lowest LTV categories where rate changes occurred, along with the most substantial moves elsewhere within each fix.

At 95% LTV, the average rate went up by 3 basis points, to 3.12% and, at 60% LTV, the average rate increased by 11 basis points, to 2.02%.

At 75% LTV, the average rate moved up 15 basis points, to 2.50%, while at 65% LTV, the average rate increased by 12 basis points, finishing the week at 2.99%.

Three-year fixes

At 95% LTV, the average rate moved up by 4 basis points, to 3.26% and, at 60% LTV, the average rate ticked up 1 basis point, to 2.43%.

The biggest changed happened at 80% LTV, where the rate increased 15 basis points, to 2.58%, followed by a 14 basis point rise at 90% LTV, taking it to 2.83%.

Meanwhile, at 70% LTV, the rate dropped by 2 basis points, to 2.67%.

Five-year fixes

Here, the rate at 95% LTV fell 1 basis point, to 3.40%, while at 60% LTV, the average rate gained 5 basis points, moving to 2.23%.

At 75% LTV, the average rate rose by 12 basis points, to 2.73% and, at 80% LTV, the price moved up by 10 basis points, to 2.94%.

10-year fixes

At 95% LTV, the average rate increased 3 basis points, to 4.12% and at 60% LTV, the rate moved in the other direction, falling 5 basis points, to 2.33%.

And at 90% LTV, the average rate fell too – this time by 6 basis points, ending the week at 4.04%.

Moneyfacts finance expert Eleanor Williams: “This week the mortgage market experienced a mix of changes, with a combination of notable rate rises, product withdrawals and launches and also a few rate reductions.

“Overall, many of the average fixed rates are continuing to climb, fuelled by updates from lenders, including Halifax, which tweaked selected fixed rate house purchase products with increases of up to 0.18% and Accord Mortgages, which put up discounted variable rates by up to 0.35% and selected fixed products by up to 0.45%.

“TSB has increased selected fixed rate deals with an end date of 31 May 2024 by up to 0.45% and Yorkshire Building Society increased fixed rates by up to 0.63% earlier in the week.

“Virgin Money excluded 95% LTV deals in its latest rate re-pricing which saw some lower LTV fixed deals go up by up to 0.30% this week. Generation Home applied rises on two-, three-, and five-year fixed rates of as much as 0.45%, but cut the rates on products in the 90% LTV and 95% LTV tiers by up to 0.55%, as well as launching a couple of new deals in this top LTV sector.

“Other new product launches this week came from Skipton Building Society across the LTV spectrum and which also included a couple of ‘Large Loan’ deals, TSB returned five- and 10-year fixed rates to its range, and Santander, which added a couple of ‘New build’ products while also increasing selected fixed rates by up to 0.50% as well as withdrawing its fixed rates at 80% LTV.

“Product withdrawals are still evident across numerous providers and this week as well as from a few of the mutuals have also come from Scottish Widows Bank, which pulled two-year fixed rates, while Chelsea Building Society has temporarily withdrawn its residential product range from sale.”