Mortgage rate rises have gained pace, with the average two- and five-year fixed rates increasing by 0.11% and 0.09% respectively, Moneyfacts data shows.

This increase is the biggest month-on-month jump since March 2024.

In its latest report, data finds that the overall average two- and five-year fixed rates rose between the start of April and the start of May, to 5.91% and 5.48% respectively.

The average two-year fixed rate stands 0.43% higher than the five-year equivalent, the biggest difference seen in six months when it also stood at 0.43%.

The average ‘revert to’ rate or standard variable rate (SVR) remained at 8.18%, falling short of the 8.19% recorded during November and December 2023.

Meanwhile, the average two-year tracker variable mortgage fell to 6.12%.

Product choice overall went up on a monthly basis to 6,565 options, its highest level since February 2008 when it was 6,760.

The availability of deals at the 90% loan-to-value (LTV) tier increased for a third consecutive month (791), now at its highest point in over 16 years.

The number of deals at 95% LTV went up for a fifth consecutive month to 347. It now stands at its highest count in almost two years.

The average shelf-life of a mortgage product increased to 28 days, up from 15 days at the start of March this year.

The lowest shelf-life average on our records was 12 days in July 2023.

Commenting on mortgage rate rises, Moneyfacts finance expert Rachel Springall says: “This counters the more subdued rises seen a month prior, so rates are closing in to levels not seen since the start of the year.”

“Volatile swap rates spurred lenders to review their fixed mortgage pricing, which has resulted in rises across all loan-to-value tiers on two- and five-year fixed mortgages. Borrowers may be concerned by these movements, but one positive point to take from the latest trends is that mortgage shelf-life has stabilised to 28 days.”

“Despite lenders pulling selected fixed deals, some of which were priced below 5%, there was not a mass exit of products. It was evident that repricing during April was the clear focus among lenders, and in fact, mortgage product availability rose.

Springall adds: “As reported last month, overall product availability is at its highest point in over 16 years, and another month-on-month growth, of 258 deals, is positive to see this month, but it fell short of the bumper 303 rise recorded the month prior.”

“This thriving product availability is widespread across the underlining loan-to-value tiers, including those at 90% and 95%, so lenders are still improving choice for those with limited deposits or equity.”

“Overall, there are more five-year fixed rate mortgages than two-year deals, and as has been the case since October 2022.”

According to Springall, borrowers coming off a fixed-rate mortgage this year will need to cover higher monthly mortgage repayments.

“Indeed, in May 2022, the average two-year fixed mortgage rate was 3.03%, and in May 2019 the average five-year fixed mortgage rate was 2.85%.”

Springall suggests it will still be cheaper for borrowers to “grab a fixed mortgage now compared to sitting on a revert rate, based on average rates, and some borrowers may even consider a base rate tracker mortgage over the next two years if they are in line with economists’ predictions for the Bank of England to cut base rate this year”.