The average rate for a two-year fix flicked up 8 basis points, to 4.17%, with the aforementioned three-year fix climbing 23 basis points, bringing its average rate to 4.78%.
Meanwhile, the average rate for a five-year fix found 3 more basis points, which took it to 4.27%, and the average rate for a 10-year fix gained a single basis point, leaving it at 4.21% as of Friday 26 August.
The most significant changes . this week took place at 95% LTV, w. the average rate rose by 1 basis points, to 4.45%, and at 70% LTV, w. a 15 basis point rise took the average rate to 4.42%.
And at 65% LTV, the average rate shrunk by 50 basis points, to 3.87%.
At 70% LTV, the average rate rose 51 basis points, to 5.86%.
Things were relatively less intense at 90% LTV, with a rate rise of 26 basis points leaving the average rate at 4.55% and at 80% LTV, which saw a 28 basis point rise to 4.94%.
Here, at 95% LTV, the average rate increase by 6 basis points, to 4.46% and, at 70% LTV, the average rate gained 11 basis points, which left it at 4.48%.
Movement took place in the opposite direction at 65% LTV, w. the average rate lost 37 basis points, moving to 4.25%.
T. were two changes of interest within this fix this week – at 75% LTV, w. the average rate rose 5 basis points, to 4.02% and at 90% LTV, which saw a 21 basis point fall to 4.58%.
Moneyfacts finance expert Eleanor Williams says: “After a bit of a lull in activity, by the end of this week the mortgage market had sprung back into action with product updates and amendments to ranges. Fixed rate averages have continued their march upwards, particularly notably across the shorter initial fixed term sectors.
“From the mutuals we processed changes from Nationwide Building Society, w. two- and three-year fixed rates were increased by 0.40%, and also five-year fixed deals at 95% LTV rose by 0.15%. Leeds Building Society put up fixed rates across its range by 0.40%, as did Principality Building Society, which also launched new ‘Thank you’ products to market in its latest update.
“Halifax increased rates on selected products for those purchasing a home, making increases of up to 0.30%. Virgin Money also applied rate rises of up to 0.30% on various of its fixed rate deals, while first direct increased fixed rates, with 10-year deals seeing the largest increases of up to 0.28%. HSBC made rate rises of up to 0.26% and Barclays Mortgages of up to 0.28% on selected fixed products.
“Some other significant rate rises this week came from Bluestone Mortgages, with fixed rate deals rising by as much as 0.60%, as well as both fixed and variable rate products at 60% and 65% LTV being withdrawn. Generation Home increased its fixed rate by 0.45%, except three-year deals with a £999 fee, which went up by 0.46%.
“Withdrawals and the condensing of ranges remains a prevalent theme, seeing the level of choice for borrowers continue to fall. TSB started the week by pulling fixed rates with £999 fees and end dates of 30 November 2024 for first- and second-time buyers from sale.
“Scottish Building Society withdrew its two-year fixed rates, while Kensington Mortgages withdrew its ‘Special Edition’ products, as well as fixed rates at 90% and 95% LTV that carried a fee. Elsew. we’re seeing many providers make cuts to selected products from their ranges, such as Leeds Building Society, Darlington Building Society and Hinckley & Rugby Building Society to name a few.”