The average mortgage rate rose from 5.66% on Monday to 5.76% today, its highest level since January 2024.

The average two-year fixed rate has increased from 5.77% to 5.89% in just a few days, as lenders continuing to respond to higher funding costs. The average five-year fixed rate has risen from 5.7% to 5.78%.

Despite this, product availability has edged up, rising from 6,204 to 6,266 deals.

Mortgage products are slowly trickling back onto the market, but they are returning at significantly higher price points, given the sustained pressure on swap rates and funding costs.

Moneyfacts head of consumer finance Adam French said: “While most lenders pushed rates higher, a small number moved in the opposite direction, trimming pricing or targeting specific types of borrowers.

“However, it is still far too early to assume rates have peaked, these reductions remain the exception rather than the rule. Most lenders continued to reprice upwards, often alongside withdrawing and relaunching products to as they continue to catch up to higher funding costs.”

Moneyfacts said the scale of the shock the conflict in Iran has wrought on the mortgage market is becoming clearer.

Remortgage borrowers coming off older five-year fixed deals are facing rate increases of more than 300bps, pushing up monthly repayments on a £250,000 mortgage by between £417 and £444 – more than £5,000 per year.

Even the most competitive deals have shifted significantly. The lowest available two-year fixed rate at 60% LTV has risen by 115 bps, from 3.51% to 4.66%, since the beginning of the conflict.

Notable changes this week

Atom Bank – Fixed rates increased by 15bps

Bank of Ireland Intermediaries – Fixed rates increased by up to 19bps; selected products withdrawn

Bank of Ireland UK – Fixed rates increased by up to 17bps and then up to 19 bps; selected products withdrawn and others launched

Barclays Mortgage – Selected variable rates reduced by 15 bps; selected fixed rates increased by up to 40 bps

Bath Building Society – New fixed rate ranges launched (including Credit Repair, Rent a Room and core products); discounted variable rates updated with free valuation incentive

Chorley Building Society – Discounted variable rates reduced by 31 bps and 15 bps

Coventry Building Society – selected fixed rates for first time buyers reduced by up to 11 bps

Furness Building Society – discounted variable rates increased by up to 30 bps

Gen H – Fixed rates increased by up to 18bps, and then decreased by the same margins

Halifax – Fixed rates increased by up to 15bps (across intermediary and direct); end dates extended

Hinckley & Rugby Building Society – New discounted variable rates launched for remortgage borrowers

Hodge – Mortgage range relaunched with new Resi Retire, RIO and Hodge Resi fixed rates

Leeds Building Society – Existing products withdrawn; extensive new fixed rate ranges launched (including FTB, remortgage, Reach and Income Plus)

Leek Building Society – Fixed rates increased by 20bps

Lloyds Bank – Fixed rates increased by up to 15bps; end dates extended

Marsden Building Society – New RIO and Later Life fixed rates launched

NatWest – Fixed and tracker rates increased by 28bps

NatWest Int Sols – Fixed and tracker rates increased by 28bps

Nationwide Building Society – Fixed rates increased by up to 25bps; trackers by 10bps

Newcastle Building Society – Selected fixed rates increased by up to 25 bps or reduced by up to 14 bps. New products launched and end dates extended

Nottingham Building Society – Fixed rates reduced by up to 21 bps. New fixed rates launched

Progressive Building Society – Fixed and discounted variable rates increased by up to 51 bps

Royal Bank of Scotland – Fixed and tracker rates increased by 28 bps

Skipton Building Society – Fixed rates increased (by 25 bps and up to 6 bps)

TSB – Fixed rates increased by 50 bps

The Mortgage Lender – Fixed rates increased by 35 bps

West Brom Building Society – Selected fixed rates withdrawn