The average rate for a two-, three-, and five-year fix all shot past 6% this week, Moneyfacts says, with the 10-year average price not far behind.
The average two-year fix jumped 99 basis points, to 6.16%, and the average three-year fix rose 56 basis points to hit 6.41%.
At the same time, the average five-year fix gained 97 basis points, which took it to 6.07%, and the average 10-year fix increased by 23 basis points, to 5.62%.
Two-year fixes
Extraordinary rate rises were evident throughout this fix this week, from the higher LTV bands to the lower.
For example, at 95% LTV, the average rate rocketed 98 basis points, landing at 6.21%, while at 60% LTV, a 78 basis point rise saw the average rate come to 5.61%.
The biggest rises took place at 80% LTV and 75% LTV, however – here, the average rate for both moved up 116 basis points, to 6.41% and 6.31%, respectively.
Three-year fixes
The rate rise at 95% LTV within this fix was relatively gentle this week, increasing by a mere 9 basis points, to 6.62%.
It was a different story at mid-range. At 70% LTV, the average rate gained 186 basis points, which saw it come to 6.93%.
And at 60% LTV, a 68 basis point rise took the average rate to 6.32%.
Five-year fixes
At 95% LTV, the average rate rose 72 basis points, to 5.91%.
Bigger changes took place at 8% LTV and 75% LTV – both average rates rose 130 basis points, which saw Friday’s prices at 6.44% and 6.32%.
10-year fixes
The longer-term fixed space was a place of tranquillity this week, with the highest rate rise being a 36 basis point bump to the 75% LTV average, taking it to 5.45%.
The next-biggest change was at 90% LTV, which hosted a 35 basis point jump to 5.94%.
Moneyfacts finance expert Rachel Springall says: “The [recent] drop in product availability may be worrying but many lenders have been vocal to stress their withdrawals are temporary amid interest rate uncertainties.
“Fixing for longer may seem more appealing, particularly as both the average two- and five-year fixed rates rise to levels not seen in over a decade.
“Consumers must carefully consider whether now is the right time to buy a home or to wait and see how things change in the coming weeks.”
