This week, all average rates at each patch continued to rise, according to data from Moneyfacts.
The average rate for a two-year fixed rate rose 17 basis points, to 3.61%, and the average rate for a three-year fixed rate gained 19 basis points, ending the week at 3.91% .
Meanwhile, an 18 basis point rise saw the average rate for a five-year fixed rate rise to 3.75% and the average rate for a 10-year fixed rate increased by 13 basis points, to 3 .82%.
The rate hikes here were legion, occurring with every LTV bracket. At the upper end of these, at 95% LTV, the average rate increased by 16 basis points to 3.85%.
And at 50% LTV, the average rate increased by 20 basis points, leaving it at 3.81%.
At 95% LTV, the average rate increased by 28 basis points, to 3.84%.
The biggest increase occurred at 65% LTV, however, where a 48 basis point increase saw the average rate rise to 5.61%.
Here, the biggest rise was also at 65% LTV. A jump of 20 basis points saw the rate settle at 4.24%.
At 95% LTV and 90% LTV, an increase of 18 basis points brought the respective average rates to 3.91% and 3.73%.
10 year fixes
This usually quiet area of mortgages has seen some big changes this week. At 95% LTV, the average rate increased by 40 basis points, to 4.98%.
Meanwhile, the average 90% LTV rate rose to 4.44%, a change of 21 basis points.
And at 75% LTV, the average rate gained 14 basis points to reach 3.65%.
Moneyfacts financial expert Eleanor Williams says: “Following last week’s rise in base rates, updates from providers in the residential mortgage sector continued to paint a similar picture to that seen in recent weeks. .
“Increases in variable and standard return rates have begun again, with Santander, The Co-operative Bank and Platform, Aldermore, Digital Mortgages by Atom Bank and Generation Home among the providers to increase their SVRs by 0.25% this week. Changes to variable tracking products came from Santander and the Nationwide Building Society, both of which increased theirs based on the base rate.
“Some notable increases in fixed rate ranges continue to occur, with the majority of average rates climbing even further this week. Bank of China (UK) increased its fixed rate products by 1.00%, and the Principality Building Society significantly increased its fixed rates to 0.89% this week, while launching a handful of new transactions.
“Barclays Mortgage has applied increases of up to 0.76% on its 10-year fixed rates and up to 0.60% on two- and five-year fixed products.
Elsewhere, The Co-operative Bank and Platform both relaunched residential product lines after temporarily pulling them earlier this week, with rates raised to as high as 0.73%. Accord Mortgages raised fixed rates to as high as 0.73%. to 0.60% and cut variable rates by 0.15%, while the TSB increased rates to 0.60% on mortgage transactions and 0.35% on certain five-year fixed rates, and Halifax and Lloyds Bank rose up to 0.50% for selected options.
“NatWest Intermediary Solutions applied increases of up to 0.46% on a number of fixed rate transactions and Virgin Money increased its fixed rates by 0.40%.
“The level of product choice for has dropped further this week, with a number of construction companies in particular changing their offerings. The Tipton & Coseley Building Society has withdrawn all fixed rates, the Scottish Building Society has reduced five-year fixed rates (except RIO products) and Saffron, Coventry, Nottingham and Newcastle Building Society have all withdrawn various offers from their ranges.