The latest mortgage rate information from Rightmove shows that the average five-year fixed mortgage rate is now 4.97%, up from 4.48% a year ago.

The average two-year fixed mortgage rate is now 5.38%, up from 4.78% a year ago.

The average 85% LTV five-year fixed mortgage rate is now 4.90%, up from 4.44% a year ago

The average 60% LTV five-year fixed mortgage rate is now 4.50%, up from 4.17% 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 £1,117 per month, up from £1,056 per month a year ago.

Rightmove mortgage expert Matt Smith commented on what we might  see in the market in as we head through the spring months. “Next week’s Bank of England meeting will be quite key for setting the tone for mortgage rates leading into summer.

“An uneasy few weeks for the world economy has meant that there is still a lot of uncertainty around when we might see the first interest rate cut – and both have contributed to an uptick in average mortgage rates.”

He adds: “Despite the rises, it doesn’t appear that we’re seeing the same kind of spike in rates as we did at this time last year. Whilst rates have risen, the actual monetary impact on average monthly payments is quite limited so far, which is reflected in home-mover activity, which we’ve seen continue on its same positive trajectory, in a busy spring market so far.”