The comparison website reveals that the average two-year fixed rate is now 73 basis points higher than it was at the start of March, at 5.56% today, which is the highest it has been since September 2024.

But the average five-year fixed has climbed slightly less sharply and is up by 59bps since the beginning of the month to 5.54% today, making it marginally cheaper than the two-year rate.

More than 1,500 mortgage deals have vanished since the outbreak of war, the website previously revealed, with first-time buyers borrowing at high loan-to-value the worst hit.

Moneyfactscompare.co.uk personal finance expert Rachel Springall says: “The turmoil in fixed mortgage rate pricing has worsened, as ongoing hikes have made the two- and five-year fixed rates invert, where five-year is slightly cheaper on average.

“Swap rates have been inverted for a few days now, so it was only a matter of time for the market to catch up.

“There is hope this will be a temporary blip until the markets settle down, but it depends how long volatility prolongs.

“This is unusual, however, its all down to how the markets foresee interest rate setting, many expect higher rates over the shorter-term.

“This abnormality happened after the fall out from the mini-Budget, and it took around three years for the inversion to end.

“In a traditional market, the average two-year fixed deal would be lower than the five-year, but the unrest in the Middle East is causing concerns over path of interest rate setting, with inflation expected to spike in the months ahead.

“The damaging impact on the uncertainty surrounding the future of interest rates has also led to a drop of over 1,500 options from the residential mortgage market since the start of March, so there are less than 6,000 options, and if deals come back within the coming days, they will likely be at inflated rates to catch up with the current state of play.

“After all, a volatile mortgage market tends to be a more expensive one.”