Mortgage rates have been rising in recent weeks and the last seven days is no different, according to Rightmove.

The property portal said that rates have risen again. It gave the example that the average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 85% LTV mortgage is now £1,148, up by £20 per month compared to last week.

Rightmove’s mortgage expert Matt Smith says: “As expected we’ve seen another significant increase in average rates across all loan-to-value ranges.

“The jump in average rates is actually smaller than last week, however lender behaviour and the uncertainty surrounding the market at the moment suggests they will increase again, the extent of which hangs on the outcome of the upcoming inflation figures and the Bank of England’s announcement on 22nd June.

“Looking forward, while we expect lenders to increase rates again it’s clear that they are grappling with the pressure to both remain competitive, but also not be an outlier. For those looking to take out a mortgage right now, it is likely to feel very frantic to secure the best rate possible quickly, and next week’s news has a lot of bearing on whether this period of uncertainty is set to continue for longer, or whether some stability may slowly come back to the market.”

What’s changed?

Mortgages for those with a modest 10% deposit saw another sharp rise in the last seven days.

Two-year fixed rates up to 90% of the property’s value have risen from 5.51% last week to 5.75% today, up 0.24 percentage points.

Five-year fixed rates up to 90% loan-to-value are now 5.39%, up 0.17 percentage points in the last week.

Mortgages for borrowers with a typical 25% deposit have also risen sharply. Two-year fixed rates up to 75% loan-to-value are now 5.46%, up 0.22 percentage points while five-year fixes are 5.05%, also up 0.17 percentage points in the last seven days.

The biggest rise came for those borrowers with a large 40% deposit. Two-year fixed rates for those borrowing up to 60% of the property’s value were up 0.26 percentage points in the last seven days to 5.33%.