Average rate for fixes climbs again

For a two-year fix, the rate lifted by 9 basis points to 3.17%, while the rate for a three-year fix jumped by 21 basis points to 3.26%.

At the same time, the rate for a five-year fix climbed by 11 basis points to 3.30% and the rate for a 10-year fix rose by 8 basis points to also come in at 3.30%.

Two-year

The biggest rises at this level saw the 65% loan-to-value average rate jump by 16 basis points to 3.51% and the 70% LTV average rate lift by 13 basis points to 3.30%.

The 95% LTV average rate edged 3 basis points higher to 3.36%, while at 90 LTV, the average rate rose by 8 basis points to 3.21%.

Three-year fixes

The 65% LTV average rate rocketed by 94 basis points to 4.65%, while the 70% LTV average rate jumped by 37 basis points to 3.44%.

The 95% LTV average rate lifted by 9 basis points to 3.34%, while the 90% LTV average rate rose by 4 basis points to 3.21%.

Five-year fixes

A 95% LTV average rate edged up by 1 basis point to 3.47%, while the 90% LTV average rate lifted by 5 basis points to 3.29%.

The biggest rises at this level came as the 65% LTV average rate jumped by 17 basis points to 3.73% and the 70% LTV lifted by 15 basis points to 3.46%.

10-year fixes

The biggest rises at this level saw the 60% LTV average rate rise by 7 basis points to 3.25% and the 75% LTV average rate lift by 6 basis points to 3.10%.

Fixes at the 95% LTV average rate and the 90% LTV average rate remained unchanged at 4.09% and 4.12%, respectively.

Moneyfacts finance expert Eleanor Williams says: “A rather familiar picture this week. Most average fixed rates rose again as the majority of lender updates processed this week contained increases to rates across the LTV brackets.

“Overall product availability also continues to fluctuate as providers amend their offerings and revise their ranges in the face of a volatile landscape.

“Ulster Bank made some significant rate rises, adding up to 1.08% to two-year fixed-rate products, and up to 0.97% to five-year deals. United Trust Bank also put up its fixed rates, including interest-only options, by up to 0.70%.

Barclays Mortgage made selected fixed rates increase by up to 0.40% and also withdrew a swathe of products from sale.

“Skipton Building Society made a variety of different changes to its range, with numerous deals withdrawn including intermediary exclusives, new products launched, and also rate amendments which included increases of up to 0.26% on fixed rates and 0.27% rises on selected variable tracker deals, as well as some rate cuts of up to 0.20%.

“Other brands to increase rates included West Brom Building Society who among other updates made selected fixed rate rises of up to 0.65%. TSB applied increases of up to 0.35% on deals for first-time buyers and house purchasers, while Nationwide also added up to 0.35% to various of its fixed rates. Virgin Money was another brand to tweak its products, with some rates rising by up to 0.26%.

“Further increases to standard variable rates are also still coming infrequently. This week changes have come from the NatWest group, first direct and Generation Home, as well as a number of the building societies such as Chorley Building Society, Tipton & Coseley Building Society and West Brom Building Society.”

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