The average two and five-year fixed rate have now breached six per cent, a return to post mini-Budget levels.
According to Moneyfacts, as of today, the average two-year fixed rate is 6.47 per cent and the average five-year fixed rate is 6.01 per cent.
The firm said that this was an increase from 6.42 per cent and 5.97 per cent the previous working day.
Moneyfacts continued that there were currently 4,404 residential mortgage products available on the market, which is an increase from 4,396 on the previous working day.
On the buy-to-let side, the average two-year buy-to-let residential mortgage is 6.63 per cent, up from 6.59 per cent the day before.
The average five-year buy-to-let residential mortgage rate stands at 6.48 per cent, up from 6.43 per cent on the last working day.
Moneyfacts said that there were 2,417 buy-to-let mortgage products available, down from a total of 2,451 on the previous working day.
It added that today’s average two-year tracker was 5.96 per cent, which is in line with the previous working day.
The average standard variable rate is 7.67 per cent.
Mortgage rates have been climbing over the past few weeks due to sticky inflation figures and base rate increase leading swap rates, which are based in predictions of interest rates and are used by lenders to price their products, to increase leading to widespread repricing and temporary withdrawal of products.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
