That’s according to Moneyfacts, which said that this represented monthly rises of 0.13 percentage points for two-year fixed rates and 0.19 percentage points on five-year fixes, noting that the latter was the biggest monthly rise since August 2023.
Despite the increase, the average five-year fixed rate is still lower now than at the start of January 2024, when it was 5.55%.
The average two-year fixed rate has dropped by 0.41 percentage points over the same period, down from 5.93% to 5.52%.
What about variable rates?
The average two-year tracker variable mortgage rate fell to 5.46%, said Moneyfacts.
The average ‘revert to’ rate or Standard Variable Rate (SVR) fell to 7.85%, compared to its record high of 8.19% during November and December 2023.
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Product choice rose month-on-month to 6,486 options, the biggest month-on-month increase since June 2024. Product numbers are substantially higher than a year ago (5,694).
Rachel Springall, finance expert at Moneyfacts, said: “In a somewhat inevitable turn of events, fixed mortgage rates rose month-on-month as lenders rushed to re-price products due to volatile swap rates. This month the average five-year fixed rate felt a notable monthly rise, and during 2024 the rate has not fallen as much as its two-year counterpart.
“This will come as disappointing news to those borrowers who prefer to lock into a deal for the longer-term. On the other end of the spectrum, both the average two-year tracker rate and Standard Variable Rate (SVR) fell in the aftermath of the Bank of England base rate cut.
“However, borrowers would be wise not to stick on their revert rate, as these are still charging much more than their fixed rate counterparts. There are estimated to be millions of borrowers who have not yet re-fixed their mortgage since rates started to rise in 2021, so seeking advice is wise. Those who locked into a five-year fixed deal back in 2019 on average would have been charged 2.74%, but that rate has almost doubled, now 5.28%.”
