Acre has seen a 60% leap in mortgage submissions to lenders by brokers so far this week (w/c 10 March), as geopolitical events continue to wreak havoc on the markets.

Acre suggests “homeowners are getting jittery about losing out on the last sub-4.0% rates”.

It explains that the data shows not only for the big jump in mortgage submissions but also in case creations.

Remortgages, in particular, are driving this surge, it highlights.

Acre’s data reveals there has been a 30% increase in case creations as consumers make earlier-than-expected moves to lock in rates, with bond swaps spiking and a potential Bank of England base rate rise on the horizon.

Acre head of product innovation Rueben Thompson says: “As always, mortgage brokers have their ears to the ground and are working harder than ever to ensure their clients get the best rates locked in.”

“Seeing in the data how brokers react so quickly to changes in the market is yet another proof point of the value intermediaries bring to their customers.”

Earlier today, Principality Intermediaries, Nottingham Building Society, Accord Mortgages and Kensington Mortgages all announced they were withdrawing and repricing mortgage ranges.

The average fixed-rate residential mortgage has now topped 5% as a result of the ongoing Middle East conflict, with many lenders reconsidering their pricing.