Rightmove’s weekly mortgage tracker found that the average five-year fixed rate was now 5.72%, compared to 4.69% last week.
Meanwhile, the average two-year fixed rate was recorded at 5.08%, up from 4.97% a week ago.
This follows recent mortgage rate increases from the likes of NatWest, Nationwide and Santander, with the latter marking the disappearance of sub-4% rates from the market.
These changes to mortgage rates came as swap rates continued to climb. As of 19 February, the two-year SONIA swap rate was 4.5% and the five-year swap was 3.9%. This compared to respective swap rates of 4.2% and 3.6% in January.
Some rates down on last year
In some cases, the average mortgage rate was lower than last year, Rightmove’s data showed.
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For a 60% loan to value (LTV) deal, the average two-year fixed rate was 4.5%, down from 4.55% last year. The five-year fixed rate averaged 4.19%, compared to 4.23% last year.
A two-year fix at 75% LTV was found to have an average rate of 4.9%, higher than 4.73% a year ago. The five-year fixed rate at the same tier was also higher, at 4.61% compared to 4.41%.
For an 80% LTV mortgage fixed for two years, the average rate rose from 5.02% last year to 5.08% this year. The average five-year fixed rate was relatively unchanged, at 4.67% this year compared to 4.68% last year.
At 90% LTV, the average two-year fixed rate was 5.31%, down from 5.36% last year, and the average five-year fixed rate was also lower, at 4.86% compared to 4.89%.
Average rates were higher for borrowers in need of a 95% LTV deal, with a two-year fixed rate coming to 5.79%, up from 5.64%. The average five-year fixed rate at the same tier rose from 5.15% to 5.35%.
The average monthly mortgage payment for a first-time buyer is higher than last year, with this coming to £1,081. Based on a five-year fixed mortgage at 85% LTV, this was up from a payment of £1,074 per month last year.
