Rates have risen in recent weeks, but they are still lower than six months ago.
The average two-year fixed rate has fallen from 6.29% to 5.91% since the start of November, according to Moneyfacts.
The financial information provider said the average five-year fixed rate has also fallen from 5.86% to 5.48% in the last six months.
Despite the drop, rates have been ticking up in recent weeks from 5.8% and 5.39% respectively since last month.
Yesterday (9 May), the base rate was held at 5.25% by the Bank of England’s Monetary Policy Committee (MPC).
10-year rates
On a 10-year fixed rate mortgage, the average rate has risen from 5.75% to 5.97% since November 2023.
The average standard variable rate (SVR) stands at 8.18%, down from 8.19% in November 2023. The rate has not changed since the start of April 2024.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, said: “Borrowers may be disappointed to see fixed mortgage rates are on the rise.
“However, fixed rates are lower than they were six months ago, so consumers who are now coming off a two- or five-year fixed mortgage would be wise to act quickly to grab a competitive deal, particularly as some lenders have withdrawn deals priced below 5%.
“The mortgage market continues to be fluid, despite no change to the Bank of England base rate since August 2023, and market forecasts have pushed back imminent cuts, due to stubborn inflation.
“The average standard variable rate stands above 8%, so it’s much higher than the average two-year fixed rate. A typical mortgage being charged the current average SVR of 8.18% would be paying around £290 more per month, compared to a typical two-year fixed rate [5.91%].”
