The average two-year fixed mortgage rate has crept back up above 5% since last week, industry data showed.
The Rightmove weekly mortgage tracker found the average rate for a two-year fixed mortgage as of 13 November was 5.01%, higher than last week’s 4.92%.
The average five-year fixed rate also rose to 4.76%, 0.11% higher than last week’s average.
This comes after a number of high street lenders increased their mortgage rates this week, with Santander, HSBC, Nationwide and NatWest all pricing upward.
Despite the increases in average mortgage costs, there was no change in the lowest available rates, which remained at 3.96% for a two-year fix and 3.84% for a five-year fix.
Compared to the same period last year, the typical two-year fixed rate is 0.69% lower, while the average five-year fixed rate is 0.49% less.
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At 60% loan to value (LTV), the average rate for a two-year fix rose from 4.15% to 4.22% week-on-week, while the average five-year fixed rate increased from 4.05% to 4.14%.
At 75% LTV, the average two-year fixed rate came to 4.72%, up on last week’s 4.68%, and the typical five-year fixed rate went up from 4.47% to 4.57%.
The average two-year fixed rate at 85% LTV rose from 4.94% to 5.04%, and the average five-year fix increased from 4.69% to 4.78%.
For a two-year fix at 90% LTV, Rightmove found that the average rate increased from 5.33% to 5.43%, while the average five-year fixed rate rose from 4.89% to 5%.
At 95% LTV, the average two-year fixed rate was 5.6%, up from 5.55% last week, and the average five-year fixed rate was 5.28%, up from 5.21% a week ago.
At the current rates, Rightmove calculated that a first-time buyer purchasing a property worth £227,570 with a five-year fixed mortgage at 85% LTV would be paying £1,087 per month on average over 25 years, compared to £1,187 last year.
