Average rates increased at all fixes bar the 10-year term this week, with the biggest gain seen at the three-year fix.
The average two-year fix rose from 2.25 per cent to 2.29 per cent, the three-year fix from 2.46 per cent to 2.54 per cent and the five-year fix at 2.50 per cent to 2.55 per cent.
The 10-year fix remained at 2.69 per cent.
Two-year fixes
Rates increased at almost every LTV bracket here, with the most significant movement being at 95 per cent LTV, where the average rate grew from 4.48 per cent to 4.74 per cent.
The second biggest change occurred at 50 per cent LTV, where the average rate dropped, from 2.41 per cent to 2.23 per cent.
Rate increases of up to 0.04 per cent happened elsewhere except for at 85 per cent LTV, which saw a 12 basis point increase from 2.61 per cent to 2.73 per cent.
Three-year fixes
Significant rates changes abound within this fix.
At 70 per cent LTV the rate grew from 2.46 per cent to 2.75 per cent and at 60 per cent LTV from 2.13 per cent to 2.34 per cent.
Meanwhile, at 75 per cent LTV another rate increase occurred – from 2.28 per cent to 2.38 per cent.
Perhaps most surprisingly, however, at 90 per cent LTV the rate dropped – and by a significant amount at that – from 3.55 per cent to 3.32 per cent.
Five-year fixes
At the higher-LTV end of this fix the 90 per cent LTV average grew 7 basis points, from 2.85 per cent to 2.93 per cent and the 85 per cent LTV and 80 per cent LTV average rates 8 basis points each – from 2.85 per cent to 2.93 per cent and from 2.65 per cent to 2.73 per cent, respectively.
At 50 per cent LTV the average rate dropped by nearly 0.40 per cent – from 3.01 per cent to 2.63 per cent.
10-year fixes
There was only one average rate movement here this week – at 65 per cent LTV. This average rate grew slightly, from 2.44 per cent to 2.46 per cent.
Moneyfacts finance expert Eleanor Williams comments: “While averages rates across the residential mortgage sector continue their upwards trajectory, the changes we have seen across the market this week have again predominantly included rate increases and further fluidity in the higher LTV sectors.
“From the building societies there have been range updates; Coventry Building Society made rate increases of up to 0.30 per cent across a selection of fixed rate deals, while Newcastle Building Society increased the fee and rate on its five-year 80 per cent LTV deal. Leeds Building Society also made various updates to its products, which included rate increases of up to 0.30 per cent on some deals. It also launched a selection of new fixed rate deals, some available up to a maximum of 85 per cent LTV.
“Platform withdrew its products available at 85 per cent or 90 per cent LTV this week. However, those borrowers with a low level of deposit or equity may have been pleased to note that TSB has launched two new fixed rate deals for first-time buyers at 90 per cent LTV today. Potential borrowers will need to be quick off the mark though, as these deals are available for one day only!”
