Average mortgage rates have ticked up slightly in the last week, according to Rightmove.

The property portal publishes weekly average rates available to borrowers at different loan-to-value tiers. The loan-to-value (LTV) is the mortgage as a proportion of the property’s price, so reflects the relative size of the deposit a borrower puts down.

What’s changed?

Those with the smallest deposits of 5%, borrowing 95% of the property’s value pay the highest rates and these have risen in the last week. The average two-year fixed rate at 95% LTV is 5.47%, up from 5.45% last week. Five-year fixes at 95% LTV are 5.18%, up from 5.10% last week.

Those with a more significant deposit of 25% of the property’s value have also seen average rates rise in the last seven days, said Rightmove. The average two-year fixed rate at 75% LTV is 4.67%, up from 4.58% last week. Five-year fixes at 75% LTV are 4.36%, up from 4.26% last week.

Even borrowers putting down a large 40% deposit and borrowing just 60% of the property’s value have seen rates rise in the last week. The average two-year fixed rate at 60% LTV is 4.57%, up from 4.51% last week. Five-year fixes at 60% LTV are 4.23%, up from 4.17% last week.

Rightmove’s mortgage expert, Matt Smith, said: “Average mortgage rates have continued to rise over the last week ahead of the expected increase in the Bank of England Base Rate tomorrow, as the underlying costs of fixed rate mortgages factor in a potential rise.

“However, rates across all loan-to-value ranges (LTV) have only increased by an average of 0.06 percentage points compared to last week. The 75% LTV category has seen the highest increase across both two-year and five-year fixed rates, while the smaller deposit 90% & 95% LTV two-year deals have seen the smallest increases.

“Looking ahead, the direction of rates over the coming week will be heavily influenced by the Bank of England’s analysis on inflation, and the future path for the Base Rate, which will accompany the decision tomorrow.

“If the Bank outlines a positive view on the prospect for inflation and Base Rates, we could see mortgage rates fall, as they have done after recent Base Rate decisions. But if the Bank is more cautious, we can expect rates to continue their upward trend in the short term.”