Average fixes lifted this week as inflation eased to a less-than-expected 3.2%, which pushed back market bets on the start of Bank of England base rate cuts from late spring into the summer.  

The average rate for a two-year fix edged up 2 basis points to 5.83%, while the average three-year fix rose 5 basis points to 5.57%, according to Moneyfacts.  

The average five-year fix lifted 2 basis points to 5.40%, however, the average 10-year fix was unchanged at 5.78%.   

Two-year fixes    

The largest rises in this term came at 95% LTV, 70% LTV and 65% LTV average rates, which rose 3 basis points to 6.05%, 6.06% and 5.78%, respectively.  

Both 90% LTV and 85% LTV average rates edged lower by a single basis point to 6.06% and 6.00%, respectively.  

Three-year fixes   

The biggest uplift at this level saw the 90% LTV average rate rise 6 basis points to 5.61%.  

This was followed by 85% LTV, 75% LTV and 65% LTV average rates, which all rose 5 basis points to 5.77%, 5.36% and 5.68%, respectively.  

Five-year fixes   

The largest rises in this term came at the 50% LTV average rate lifting 5 basis points, followed by the 80% LTV and 65% LTV average rates, which were both down 3 basis points with both resting at 5.47%.  

The 100% LTV fell 2 basis points to 5.88%.  

10-year fixes  

The 80% LTV average rate crept lower by a single basis point to 5.13%. All other fixes at this term were unchanged.    

Moneyfacts Finance Expert Rachel Springall says: “The volume of rate increases to selected fixed deals this week overtook those lenders making cuts. As a result, the overall two- and five-year fixed mortgage rates rose week-on-week.  

“The prominent brands to amend fixed rates this week included Santander which made reductions of up to 24 basis points. Barclays Mortgage reduced by up to 15 basis points and increased by up to 20 basis points and Virgin Money increased by up to 10 basis points and reduced by up to 5 basis points.  

“Building societies made a few rate moves this week, those to increase fixed rates included Principality Building Society by up to 21 basis points, West Brom Building Society by up to 18  and Coventry Building Society by up to 15 basis points.   

“In contrast, Progressive Building Society moved to reduce selected fixed rates by up to 12 basis points. Tipton & Coseley Building Society pulled their fixed rate range, Hanley Economic Building Society pulled selected two-year fixed deals and Newcastle Building Society pulled its two-year fixed mortgage priced at 6.09%.  

Springall adds: “Not to go unnoticed, Digital Mortgages by Atom Bank made fixed rate reductions of up to 30 basis points. Those to increase selected fixed rates include MPowered Mortgages by up to 20 basis points, Kensington by up to 20 basis points, Gen H by up to 25 basis points and Perenna by up to 32 basis points, which also launched new deposit unlock deals.  

“Some eye-catching deals also surfaced this week, including a three-year fixed rate deal from Santander, priced at 4.54% and available at 60% loan-to-value for house purchase customers. It includes free valuation charges and a product fee of £999, overall, it’s an attractive choice for borrowers with a 40% deposit or equity.  

“The first half of April was a bit quiet for mortgage rate movements, but this week has seen lenders make more sizeable price tweaks to their selected fixed ranges.   

Over the past few weeks, swap rates have started to creep higher than what they were around a month ago, so lenders will no doubt be keeping a close eye on these for their future re-pricing. Borrowers will still find some decent mortgage packages out there, but as pricing remains fluid and some lenders move to withdraw products.”