The average rate for a two-year fix increased by 6 basis points to 3.99%, for a three-year fix the average rate moved up by 15 basis points to 4.42%, and for a five-year fix, a 7 basis point rise left the average rate at 4.14%.
Meanwhile, the average rate for a 10-year fix refused to budge, sticking at 4.19%.
Amid a series of rate rises this week, standout movements occurred at 85% LTV and 80% LTV, w. a 7 basis point rise apiece saw both fixes move to 4.03% each and, at 65% LTV, the average rate lifted by 10 basis points, to 4.25%.
The most significant movement took place at 50% LTV, w. the average rate increase by 32 basis points, hitting 4.23%.
The headline movement . happened at 70% LTV, w. the average rate climbed 63 basis points, to come to 5.35%.
A 24 basis point rise at 80% LTV saw its average rate come to 4.50%, meanwhile, and at 60% LTV, the average rate went up by 26 basis points, to 4.49%.
Rate rises throughout this LTV w. bookended neatly by the biggest rises: at 95% LTV, the average rate rose 12 basis points, to 4.29% and at 50% LTV, the average rate moved up by 16 basis points, to 3.96%.
The only movements that caught the eye . were at 95% LTV, w. the average rate shifted 2 basis points upwards, to 4.93% and at 60% LTV, w. the average rate lost a single basis point, ending the week at 4.11%.
Moneyfacts finance expert Eleanor William says: “Following the Bank of England’s decision to raise base rate by 0.50% yesterday to 1.75%, we have already processed a couple of updates from providers amending their ranges. first direct and Barclays Mortgage applied increases of 0.50% to their respective variable tracker products, while Barclays Mortgage and The Mortgage Lender applied increases of 0.50% to revert or follow-on rates.
“Earlier this week t. were quite a number of lenders who made amendments to SVR and revert rates with increases of varying amounts. These included HSBC and first direct, Lloyds Bank and Halifax, Hodge and Cumberland Building Society amongst others.
“Withdrawals continue to be prevalent as providers react to a volatile economic environment by revising their offerings. This morning we have seen Coventry Building Society pull its mortgage range from sale, Yorkshire Building Society have withdrawn variable tracker rates and West Brom Building Society has withdrawn a swathe of fixed and discounted-variable rates from sale.
“Yesterday saw The Co-operative Bank and Platform withdraw both three-year fixed rate deals, and also fixed rates for five-years with a £999 fee, while earlier this week Post Office Money withdrew its range.
“Rate increases also remain a common trend, fuelling further rises in most of the overall average rates. Molo Finance put rates up across its range by 1.00% this week, HSBC applied increases of up to 0.25% to fixed rates, the NatWest Group made rate rises of up to 0.26% to selected fixed rates and Yorkshire Bank put its fixed range up by up to 0.15%.
“However, some lenders balanced their rate increases with some rate reductions, such as Halifax, which put up selected remortgage deal by up to 0.40% but also reduced others by up to 0.10% and Vida Homeloans w. five-year fixed rates were either increased by up to 0.55% or cut by up to 0.15%.”