Average fixed rates rose across the board this week, according to Moneyfacts data, accelerating from last week’s slower rate.
The average rate for a two-year fixed rate increased by 6 basis points to 3.93%, while the average rate for a three-year fixed rate increased by 10 basis points to reach 4.27%.
Looking further ahead, the average five-year fixed rate rose 6 basis points to 4.07%, while the average 10-year fixed rate rose 11 basis points to reach 4.19%.
The largest gains at this level saw the average loan-to-value rate of 70% jump 11 basis points to 3.91%, while the average LTV rate of 95%, the average LTV rate of 80% and the average LTV rate of 60% all increased by 8 basis points to 4.21%, 3.96% and 3.64%, respectively.
The 90% LTV rate increased by 7 basis points to 3.98% and the 85% LTV average rate increased by 2 basis points to 3.96%.
The largest increases at this level saw the 95% LTV average rate jump 16 basis points to 4.12% and the 85% LTV average rate increase 11 basis points to 4.38%.
The average LTV 90% rate increased by 8 basis points to 4.07%, and the average LTV 80% rate increased by 10 basis points to 4.26%.
The largest increases at this level saw the average 95% LTV rate and the average 80% LTV rate increase by 8 basis points to 4.17% and 4.15%, respectively.
The average LTV 90% rate increased by 5 basis points to 4.00% and the average LTV 85% rate increased by 6 basis points to 4.11%.
10 year fixes
The largest gains there saw the average LTV rate of 50% jump 33 basis points to 4.34% and the average LTV rate of 80% jump 27 basis points to 4.08%.
Other notable increases saw the average LTV rate of 85% increase by 24 basis points to 4.17% and the average LTV rate of 90% increase by 19 basis points to 4.77%.
Moneyfacts finance expert Eleanor Williams said: “Unlike recent weeks, we have seen a lower level of activity around mortgage product changes since Monday, possibly due to providers awaiting the decision. from the Bank of England next week on the base rate, or perhaps reflecting a seasonal change in the summer slowdown.
“The level of product choice in the residential sector fell slightly again, as the number of available offers fell following further withdrawals this week. This included updates from Platform and The Co-operative Bank which removed all fixed rates to 95% LTV along with a handful of five-year fixed rates, and Vida Homeloans which reduced all fixed rates to two years of its range.
“Conversely, we have seen a few vendors relaunch previously retired products, including Hodge which has re-entered its range of retirement interest-only products, and Kensington with Flexi Fixed for Term offerings.
“Like last week, we handled a few lender updates that included rate reductions. The TSB not only reintroduced a number of new two-year fixed offers for those buying this week, but also cut some fixed rate offers by up to 35 basis points. Atom Bank’s digital mortgages also included rate cuts of up to 20 basis points across its entire Prime range.
“However, the main trend continues to be upwards in rates, fueling a further rise in global averages. Among mutuals, we saw the Darlington Building Society implement increases of up to 60 basis points on certain fixed products, and the Newcastle Building Society tweaked various offers, including offers for self-employed borrowers, sole proprietor products for joint borrowers, extensive loan options and certain interest rates. only transactions – also increasing them by 60 basis points.
“The Nationwide Building Society raised its fixed rates by up to 35 basis points, while the Coventry Building Society and the West Brom Building Society both raised some rates by up to 30 basis points.