According to Moneyfacts, the average two-year fix rate rose by 0.5% in the week to 18 October, while five-year deals saw an increase of 0.4%.

There was also a rise for three-year fixes, which lifted by 0.2% and for 10-year deals, up 0.11%.

However, there were also notable reductions made by lenders this week.

Among the more significant cuts made were by Lloyds Bank who reduced select fixed rates by up to 0.36%, Halifax who cut rates by up to 0.24%, Barclays who made reductions of up to 0.36%, Royal Bank of Scotland cut rates by 0.30% and NatWest cut them by up to 0.30%.

Further cuts were made by NatWest by up to 0.30%, TSB by up to 0.25% and Santander by up to 0.13%.

Building societies also made cuts this week. The West Brom cut deals by 0.15% and the Melton, Monmouthshire and Skipton by 0.20%.

Moneyfacts Spokesperson Caitlyn Eastell says: “There were some eye-catching deals to surface this week, including a two-year fixed rate deal from TSB, priced at 5.04%% and available at 95% loan-to-value for first-time buyers, it includes a free valuation and £500 cashback and does not charge a product fee. This could be an attractive choice for those with a limited deposit and are hoping to minimise the upfront cost of their mortgage.

“Swap rates have been especially volatile, so it is not surprising that many lenders have moved to increase their fixed rate mortgage rates in reaction, but it is possible some lenders repriced their deals in a knee-jerk reaction to other larger lenders also making changes. However, with the latest inflation announcement revealing that September’s CPI was lower than expected, now standing at 1.7%, this provides a much more positive outlook on future interest cuts with many predicting that the MPC could move to reduce base rate across November and December.

“Therefore, the current era of rate increases may not be too long-lasting. In any case, if borrowers are unsure which deals may be best suited to them that they seek independent advice.”