The average Standard Variable Rate (SVR) for June reached 4.91% said Moneyfacts.

This was up 0.13 percentage points compared to May and is at the highest level recorded by the financial information provider since February 2009.

Both average mortgage rates and product availability have shifted since the first of the recent Bank of England base rate rises in December 2021.

Fixed rates up

The average overall two-year fixed rate has risen for eight months in a row.

At 3.25%, it’s up by 0.22% since last month, and by 0.91% since December 2021. The average two-year fix is now at its highest level since 2014.

The overall five-year fixed rate average sits at 3.37%, it’s highest level in seven years and 0.73% higher than the equivalent rate in December 2021.

This also means that the margin between the average two- and five-year fixed rates is now just 0.12% – the smallest this differential has been since February 2013.

The average two-year tracker rate has climbed to 2.54%, also its highest level since 2014.

Mortgage product availability has also changed, this month dipping by 100 products to leave 4,987 deals for would-be borrowers to choose from. This is a fall of 328 when compared to December 2021, although the level of choice in the market remains up when compared year-on-year.

Eleanor Williams, finance expert at Moneyfacts, said: “The average SVR rate of 4.91% is the highest recorded in over 13 years, having risen by 0.51% since December 2021.

“The difference between the average SVR and the average two-year fixed rate was 2.06% in December 2021, and over recent months this difference has shrunk to 1.66% as lenders react to a changing economic landscape.

“However, the motivation to secure a new deal remains clear, as those eligible could still potentially make significant savings, and gain peace of mind with a new fixed deal.”