According to the latest figures from Rightmove, the largest rate increase was at the 90 per cent loan to value (LTV) tier with its two-year fixed rate increasing by 0.32 per cent to 6.79 per cent and its five-year fixed rate up by 0.29 per cent to 6.24 per cent.
At 85 per cent LTV, the average two-year fixed rate rose by around 0.27 per cent to 6.67 per cent and its five-year fixed rate increased by 0.28 per cent to 6.18 per cent.
The average two-year fixed rate at 95 per cent loan to value (LTV) rose by around 0.07 per cent over the past week to 6.98 per cent, and its five-year fixed rate at the same LTV tier ticked up by 0.11 per cent to 6.34 per cent.
At the 75 per cent LTV, its two-year fixed rate has risen by 0.17 per cent to 6.46 per cent and its five-year fixed rate has risen by 0.21 per cent to six per cent.
Within its 60 per cent LTV tier, its average two-year fixed rate increased by 0.12 per cent to 6.38 per cent, with the five-year fixed rate up by 0.11 per cent to 5.9 per cent.
The figures also showed that the average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fix, 85 per cent LTV mortgage is £1,256, up by £32 per month compared to last week.
The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 60 per cent LTV mortgage is £864, an increase of £9 per month compared to last week
Rightmove’s mortgage expert Matt Smith said: “After the market turbulence over the last two months, the signs are there that mortgage rates are reaching a peak. There’s been an increase in average rates compared with last week, but we may now see some lenders begin to cut rates as soon as the coming days.
“However, any cuts to rates are likely to be small, at least to begin with, as lenders will be looking to balance their desire to reduce rates with the need to account for any further market surprises as the economy looks to get onto a more stable footing for the long term.”
He added: “It takes some time for lenders to respond to market conditions and feed these through to mortgage rates offered to borrowers. Today’s numbers confirm that some of the reports of immediate mortgage rate falls at the tail end of last week may have been slightly premature.”
