According to Moneyfacts, the overall two- and five-year fixed rates stand at 4.98% and 5.02%, and the last month-on-month rise was recorded in February this year.
Moneyfacts noted that short-term fixed rates have seen larger decreases over the past year, with the average two-year fixed rate 0.42% lower than this time a year ago.
The average five-year fixed rate has declined by around 0.05% over the same period, the figures show.
The Moneyfacts Average Mortgage Rate has increased for the first time since February to 5.02%, which is up from 5% month-on-month, but down from 5.3% in October last year.
The average shelf life of a mortgage has risen to 22 days, which is up from 17 days a month prior and the first time the average shelf life has moved above 20 days for six months.
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The average two-year tracker variable mortgage rate increased to 4.67%, while the average standard variable rate (SVR) came to 7.27%.
Product choice overall fell month-on-month to 6,998 options.
Looking at higher loan-to-value (LTV) tiers, the number of products at 90% and 95% LTV stands at 1,362, which remains the highest count in 17 years.
| Mortgage market analysis | ||||||
| Oct 2023 | Oct 2024 | Apr 2025 | Sep 2025 | Oct 2025 | ||
| Fixed and variable rate products | Total product count – all LTVs | 5,495 | 6,645 | 6,870 | 7,062 | 6,998 |
| Product count – 95% LTV | 252 | 351 | 442 | 464 | 453 | |
| Product count – 90% LTV | 648 | 751 | 845 | 896 | 909 | |
| Product count – 60% LTV | 585 | 775 | 797 | 791 | 790 | |
| All products | Shelf life (days) | 16 | 21 | 21 | 17 | 22 |
| All LTVs | Average two-year fixed rate | 6.47% | 5.4% | 5.32% | 4.96% | 4.98% |
| Average five-year fixed rate | 5.97% | 5.07% | 5.18% | 5% | 5.02% | |
| 95% LTV | Average two-year fixed rate | 6.74% | 5.89% | 5.81% | 5.42% | 5.46% |
| Average five-year fixed rate | 6.08% | 5.44% | 5.62% | 5.4% | 5.44% | |
| 90% LTV | Average two-year fixed rate | 6.39% | 5.73% | 5.59% | 5.27% | 5.27% |
| Average five-year fixed rate | 5.78% | 5.22% | 5.33% | 5.18% | 5.18% | |
| 60% LTV | Average two-year fixed rate | 6.16% | 4.84% | 4.79% | 4.48% | 4.52% |
| Average five-year fixed rate | 5.65% | 4.57% | 4.69% | 4.65% | 4.68% | |
| All LTVs | SVR | 8.18% | 7.96% | 7.6% | 7.32% | 7.27% |
| All LTVs | Average two-year tracker rate | 6.17% | 5.67% | 5.2% | 4.66% | 4.67% |
| Data shown is as at the first available day of the month, unless stated otherwise. | ||||||
| Source: Moneyfacts Treasury Reports | ||||||
‘Little margin of rate movement’ in coming weeks
Rachel Springall, finance expert at Moneyfacts, said borrowers may be “disappointed to see fixed mortgage rates on the rise”.
“Volatile swap rates and a cautionary approach among lenders have led to an abrupt halt in consecutive monthly average rate falls,” she said.
Springall noted that the increase in product shelf life was “likely a result of a calming mortgage market, so it will be interesting to see if activity picks up should lenders need to hit any year-end targets”.
“There may be little margin of rate movement from lenders in the coming weeks, prolonging the subdued sentiment. Inflation is expected to peak at 4%, which would then be double the desired 2% target, so any imminent base rate cuts by the Bank of England seem unlikely.
“However, even with the three base rate cuts since the start of 2025, fixed mortgage rates can move up regardless, such as in reaction to volatile swap rates. It is not all doom and gloom for borrowers, as the mortgage market has shown how far it has improved over recent years,” she said.
Springall pointed to borrowers locking in five-year fixed rates in October 2023, when average mortgage rates were 6.47%, whereas now, the average five-year fixed rate is 4.98%. This is a difference of £225 per month in repayments on a £250,000 mortgage over 25 years.
“The repercussions of rising fixed rates and subdued sentiment stifle the government’s push for lenders to do more to boost UK growth. However, even with a slight dip in product choice across the mortgage spectrum, the combined quantity of deals available to borrowers with a 5% or 10% deposit or equity stands at a 17-year high.
“The relaxation of loan-to-income rules is a positive step for improving mortgage affordability challenges, but first-time buyers are still waiting for more affordable housing to be built. Whether purchasing or refinancing, it remains essential borrowers seek independent advice to navigate the mortgage maze and not feel pressured to secure a deal because of the Budget rumour mill,” she noted.
