For a two-year fix, the price increased by 6 basis points, to 4.09%, and the three-year fix average rate gained 9 basis points, moving to 4.55%.
The average rate for a five-year fix rose 5 basis points, to 4.24%, while the 10-year fix saw a change for the first time in weeks, ticking up 1 basis point to 4.20%.
The most eye-catching raises . took place at 90% LTV, w. a 7 basis point increase took the average rate to 4.15% and at 50% LTV, the average rate for which shot up 14 basis points, to 4.11%.
Things were incredibly busy with this week at this fix, so in descending order of LTV value:
- At 90% LTV, the average rate gained 9 basis points, going to 4.29%
- At 85% LTV, it rose 10 basis points, to 4.59%
- At 80% LTV, it increased by 11 basis points, to 4.66%
- At 75% LTV, a 15 basis point rise took the average rate to 4.54%
- At 70% LTV, it moved up 10 basis points, to 5.35%
- At 65% LTV, it flew up by 58 basis points, setting a new price of 6.07%
- At 60% LTV, the rate moved in the other direction, losing a point, which took it to 4.48%
At 95% LTV the average rate gained 7 basis points, taking it to 4.40% and at the other end, at 50% LTV, the average rate rose 10 basis points, to 4.04%.
Things took a more interesting turn at 70% LTV, which saw its price drop 3 basis points, offering borrowers an average rate of 4.37%.
T. were just two changes .. At 90% LTV and 75% LTV, which moved up 2 basis points apiece, giving average rates of 4.79% and 3.97%, respectively.
Moneyfacts finance expert Eleanor Williams says: “Compared to last week it’s been slightly slower in terms of the number of updates and changes in the mortgage sector, but for borrowers the story remains the same as that of recent months.
“The level of product choice has dropped again as lenders continue to condense and focus their offerings, with many trying to ensure they can manage and maintain their service levels. Despite seeing the reintroduction of both The Co-operative Bank and Platform’s ranges and the expansion of Coventry Building Society’s range following their return to lending last week, this week ends with less deals for borrowers to choose from than we started with.
“Gatehouse Bank has temporarily paused lending, Bath Building Society has withdrawn all fixed rates and some of its variable rate deals from sale, and many of the mutuals have also cut some products from their ranges, including Newcastle Building Society, Vernon Building Society, Tipton & Coseley Building Society and Newbury Building Society.
“Average two- and five-year fixed rates have continued their march upwards, while the 10-year equivalent average rate has remained more stable. The NatWest Group applied rate increases of up to 0.26% across selected fixed deals and HSBC made rises of up to 0.13% across various of its fixed options. Cumberland Building Society has increased two-year fixed rates by up to 0.35% and five-year equivalents by up to 0.33%.
“Accord Mortgages put up discounted variable rates by 0.50% and fixed rates by 0.30%, and Digital Mortgages by Atom Bank increased its ‘Prime’ range of fixed rates up by 0.25%. One lender that bucked the trend was TSB, which made a handful of rate reductions, cutting up to 0.35% from some of its fixed offerings.
“While these fixed rate rises may be disheartening for those now looking for a new mortgage deal, SVR and revert rates are also still rising in reaction to the recent base rate increases, with this week seeing Post Office Money®, The Bank of Ireland group, Bluestone Mortgages and Leek United Building Society amongst those to apply rises to theirs.
“The average SVR remains above the average two-, five- and 10-year fixed rates, so eligible borrowers who want to shield themselves from a possible rise in repayments could t.fore still stand to save on their monthly mortgage payment by securing a new fixed deal.”