The share of website users searching for two-year fixed-rate deals increased from 48.4% in February to 55.6% in May, while demand for five-year fixed deals fell from 27.7% to 21.8% over the same time.

The shift comes despite the fact the average five-year fixed rate remains cheaper than the average two-year rate at 5.78% compared to 5.68%, Moneyfacts’ data reveals.

More borrowers appear to be willing to take a calculated risk that rates will be lower in two years’ time when they need to refinance, rather than locking into slightly lower rates now, but being unable to switch for five years.

Moneyfacts head of consumer finance Adam French says: “The latest search data from Moneyfactscompare.co.uk reveals that demand is increasingly shifting towards two-year fixed-rate mortgages, while the attraction to five and 10-year fixes continues to decline.

“However, this trend is not being driven purely by pricing.

“On 1 May, the average five-year fixed mortgage rate stood at 5.68%, 10 bps below the average two-year fixed rate of 5.78%.

“Despite this, borrowers continued to favour shorter fixed-term deals.

“It appears many borrowers believe the recent spike in mortgage rates will prove temporary and are willing to pay a small premium for a shorter fix in the expectation that they will be able to refinance onto a more competitive deal in the future.

“The continued decline in demand for 10-year fixes backs this up.

“Unsurprisingly, borrowers are reluctant to commit to today’s rates for the long term, despite the payment certainty these products can offer.

“Unlike homeowners in some other countries who routinely fix their mortgage rates for decades, British borrowers want the security of a fixed monthly repayment but value the flexibility of shorter-term deals.

“Regardless of the volatility of the last few years many seem to be positioning themselves for a future where mortgage rates are lower than they are today.”

National Association of Estate Agents (NAEA) Propertymark president Mary-Lou Press adds: “What’s particularly interesting is that we’re seeing buyers place a greater emphasis on flexibility than simply securing the lowest rate available.

“Many borrowers are conscious that their circumstances may change over the next few years, whether that’s moving home, upsizing or reviewing their borrowing position, and shorter-term fixes can provide more options when those decisions arise.

“That said, borrowers should avoid making decisions based solely on rate forecasts.

“Affordability, future plans, and potential early repayment charges remain key considerations, making professional advice more important than ever in today’s market.

“This trend also reflects a housing market where confidence is improving.

“Buyers appear more comfortable making long-term property decisions without feeling the need to lock into a mortgage product for five or ten years.”