The Rightmove weekly mortgage tracker revealed that products at 75 per cent LTV saw the most significant changes on average, with a two-year fix rising by 0.09 per cent to 4.67 per cent and a five-year fix increasing by 0.1 per cent to 4.36 per cent.
At 60 per cent LTV, rates rose by 0.06 per cent on average across both two and five-year fixes to 4.57 per cent and 4.23 per cent respectively.
At 85 per cent LTV, a two-year fixed mortgage was also 0.06 per cent higher in rate on average at 4.85 per cent, while a five-year fix rose by 0.08 per cent to 4.52 per cent.
Smaller rises were seen across high LTV deals.
The average two-year fixed mortgage rate at 90 per cent LTV rose by just 0.03 per cent since last week to 5.07 per cent, and the average five-year fixed rate increased to 4.75 per cent, which was a 0.06 per cent difference.
At 95 per cent LTV, the average two-year fixed rate rose by 0.02 per cent to 5.47 per cent, and the average five-year fixed rate increased by 0.08 per cent to 5.18 per cent.
Overall, average rates across all LTV tiers have risen by 0.06 per cent since last week.
Braced for a base rate rise
Matt Smith, mortgage expert at Rightmove, said lenders were putting rates up in preparation for the Bank of England’s base rate announcement tomorrow, as this could impact the underlying costs of fixed rate mortgages.
He added: “Looking ahead, the direction of rates over the coming week will be heavily influenced by the Bank of England’s analysis on inflation, and the future path for the base rate, which will accompany the decision tomorrow.
“If the bank outlines a positive view on the prospect for inflation and base rates, we could see mortgage rates fall, as they have done after recent base rate decisions. But if the bank is more cautious, we can expect rates to continue their upward trend in the short term.”
