The average rate for a three-year fix jumped by 23 basis points this week, says Moneyfacts, rising to 5.13%.

Meanwhile, the two- and five-year fixes both increased by 8 basis points, to 4.74% and 4.75%, respectively.

And the average rate for a 10-year fix stayed still, at 4.68% from Monday to Friday.

Two-year fixes

The biggest change within this fix took place at 50% LTV, where the average rate rose 23 basis points to 4.63%.

Meanwhile, at 70% LTV, the average rate bumped up 14 basis points, to 4.91% and, at 95% LTV, a 13 basis point rise saw the average rate move to 5.03%.

Three-year fixes

As the headline figure suggests, there were some big moves here this week.

At 60% LTV, the average rate increased by 26 basis points, to 4.85%.

At the same time, a 23 basis point increase at 95% LTV sent the average rate move to 4.97%, while at 90% LTV, the average rate rose 20 basis points, to 5.01%.

Five-year fixes

Significant changes here took place at 90% LTV, with a 10 basis point rise to 4.67%, and at 65% LTV, where the average price increase by 18 basis points, to 5.01%.

10-year fixes

There were no changes here this week.

Moneyfacts finance expert Eleanor Williams says: “After yesterday’s decision by the Bank of England to raise base rate a further 0.50% to 2.25%, we have already seen some reaction in the mortgage sector.

“first direct raised variable tracker rates by 0.50% in line, as have HSBC and Barclays, while Yorkshire Building Society has withdrawn its tracker products. Increases to SVR and revert rates have also already begun to filter through, with updates from United Trust Bank, Precise Mortgages and United Trust Bank.

“Availability continues to fluctuate; this morning sees The Co-operative Bank and its intermediary arm Platform temporarily withdraw all products from sale. Elsewhere, providers continue to tweak their ranges, with this week seeing Principality Building Society pull 90% and 95% LTV fixed rates with an end date of 31 January 2025, then today relaunch options in this sector, and mutuals have cut selected deals from their offerings this week, including Bath Building Society, Leeds Building Society and Stafford Railway Building Society.

“As lenders have revamped their ranges with a combination of product changes this week, rate rises have remained evident and have seen the overall two- and five-year average fixed rates continue to climb.

“This included Aldermore applying rate rises of as much as 0.90%, Nottingham Building Society made a couple of changes this week, which included putting up its five-year fixed rates by up to 0.89%, while Santander increased selected fixed deals by up to 0.80%.

“Other providers to increase rates were Coventry Building Society making increases of up to 0.65%, Leeds Building Society of up to 0.45%, and TSB who introduced a handful of new deals, as well as increasing selected fixed deals by up to 0.20%.”