Rightmove’s weekly mortgage tracker shows the average five-year fixed mortgage rate is now 5.02%, up from 4.59% a year ago.

The average two-year fixed mortgage rate is now 5.42%, up from 4.92% a year ago.

The average 85% LTV five-year fixed mortgage rate is now 4.95%, up from 4.56% a year ago.

The average 60% LTV five-year fixed mortgage rate is now 4.53%, up from 4.27% a year ago.

The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,123 per month, up from £1,069 per month a year ago.

Rightmove’s latest data also shows that the average monthly mortgage payment on a first-time buyer type property which is currently £227,110, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,123 per month if repaying over 25 years, compared with £1,069 per month a year ago.