All average headline mortgage fixed rates rose again this week, according to data from Moneyfacts.
The average rate for a two-year fix lifted by 2 basis points, to 2.98%, while the average rate for a three-year fix was up by 3 basis points rise taking it to 2.96%.
Over longer terms, a 10-year fix jumped by 21 basis points to 3.18%, as the average rate for a five-year fix lifted by 3 basis points to end the week at 3.11%.
Two-year fixes
A 95% LTV average rate lifted by 4 basis points to 3.30%. An 85% LTV average rate and a 75% LTV average rate both rose by 2 basis points to 3.06% and 2.84%, respectively.
The biggest gain registered within this fix was at 50% LTV, where the average rate jumped 17 basis points to 2.85%.
Three-year fixes
A 95% LTV average rate edged up by 1 basis point to 3.21%, while a 70% LTV average rate lifted by 8 basis points to 2.96%.
A 90% LTV average rate rose by 2 basis points to 3.06% and a 60% LTV average rate pushed up 5 by basis points to 2.80%.
Five-year fixes
A 95% LTV average rate and a 90% LTV average rate both edged up by 1 basis point to 3.43% and 3.17%, respectively.
While a 65% LTV average rate jumped by 12 basis points to 3.29% and a 50% LTV average rate lifted by 7 basis points to 3.02%.
10-year fixes
A 60% LTV average rate leapt 39 basis points to 3.06% and a 75% LTV average rate jumped 13 basis points to 2.94%.
However, the 95% LTV average rate and the 90% LTV average rate were unchanged at 4.09% and 412%, respectively.
Moneyfacts expert Eleanor Williams says: “Updates in the mortgage market continue to be dominated by repricing, with most average fixed rates still on an upwards trajectory.
“Providers to make notable changes this week have included Lloyds Bank where rate increases of as much as 0.87% were made on a selection of its deals for those purchasing, while Post Office Money applied rises of up to 0.75% across its range of fixed-rate products.
“Scottish Widows Bank put up rates too, with selected remortgage fixed rate deals going up by up to 0.61% and various products for house purchases increasing by 0.55%. The Co-operative Bank has also increased selected fixed rates by up to 0.32% as well as launching some new offerings, and these changes were mirrored by its intermediary arm Platform.
“Nationwide also refreshed its range this week, applying comparatively small increases of 0.10% across various two- and three-year fixed rate deals.
“Skipton Building Society balanced a number of fixed-rate increases of up to 0.20% with reductions of 0.22%, as well as withdrawing a handful of its intermediary only products. NatWest Intermediary Solutions also launched new deals while bucking the current trend by only making rate cuts in its product repricing, cutting various fixed rates by up to 0.23%.
“Other changes of note included Metro Bank reintroducing its range of fixed-rate mortgages at 75% LTV, with rates now starting from 2.29%. LiveMore Capital withdrew and replaced its range with fixed rates starting from 3.75% now on offer, and Hodge Bank also refreshed offerings with selected ‘50+’ rates increasing by 0.30% and the launch of a couple of new five-year fixed ‘50+’ deals as well.
“Although a number of lenders are relaunching and returning products to their ranges, we are also continuing to see product withdrawals, this week, particularly from a number of the mutuals, including Leek United Building Society, West Brom Building Society and Newcastle Building Society.
“Increases to standard variable and revert rates are also still being processed, this week coming from providers including Metro Bank, LiveMore Capital and the NatWest group.”
