The average rate for a two-year fix went up by 5 basis points, to 2.75%, and the average rate for a three-year fix ticked up by 2 basis points, to 2.76%.
Meanwhile, the average rate for a five-year fix increased by 3 basis points, to 2.94%, and the average rate for a 10-year fix bucked the trend, dipping by 1 basis point to 2.87%.
The average rates at 85% LTV and 80% LTV both moved up by 8 basis points, to 2.83% and 2.80%, respectively.
And at 60% LTV the average rate rose by 8 basis points too, to 2.23%.
At the same time, the average rate fell by 7 basis points at 50% LTV, taking the price to 2.40%.
Here, the average rate at 95% LTV increased by 3 basis points, to 3.30%.
Further rises included the rate at 80% LTV going north by 7 basis points to 2.63% and the rate at 75% LTV going up by 3 basis points, to 2.48%.
At 85% LTV, however, the rate ticked down 1 basis point, to 2.67%.
T. was a comparatively unusual movement at 95% LTV . this week – the average rate dropped 3 basis points to land at 3.35%.
Elsew., the average rate at 80% LTV gained 5 basis points to come to 3.01% and, at 60% LTV, the average rate moved up 7 basis points to 2.36%.
It was incredibly busy at this fix this week. Movements from the highest LTV to the lowest were as follows:
- At 95% LTV, the average rate dropped 3 basis points to 4.09%
- At 90% LTV, the average rate increased by 8 basis points to 4.12%
- At 85% LTV, the average rate rose 6 basis points to 3.52%
- At 80% LTV, the average rate also rose, this time by 8 basis points to 2.86%
- At 75% LTV, the average rate gained 12 basis points, moving to 2.62%
- At 65% LTV, the average rate dropped 9 basis points to 1.92%
- And at 60% LTV, the average rate moved up by 8 basis points to 2.46%
Moneyfacts expert Rachel Springall comments: “This week’s mortgage changes have been dominated by rate rises. With a number of prominent lenders changing their ranges, we have seen some fixed rates rise by up to 0.70%.
“Fixed rate re-pricing is widespread, with some of the biggest banking brands making notable changes to selected rates. first direct increased selected rates by up to 0.55%, as did Lloyds Bank by up to 0.43%, NatWest also increased by up to 0.43%, followed by TSB of up 0.30%, HSBC up to 0.25% and finally Halifax by up to 0.19%.
“The banks were not the only lenders to increase rates this week, with Progressive Building Society increasing selected fixed rates by up to 1.26%, Scottish Building Society increased rates by up to 0.70%, and West Brom Building Society increased rates by up to 0.55% – it’s clear to see from these dominating increases that the market pricing is moving in one direction, up.
“T. were however a few deals withdrawn from the market entirely, perhaps in order to condense their range, but also some brand new deals launched which are competitively priced, including a new five-year fixed rate deal from Digital Mortgages by Atom Bank for borrowers with a 5% deposit priced at 2.79%.”