Average fixes were mixed this week, Moneyfacts data shows, with the average rate for a two-year fix rising by 6 basis points to 5.35%, and the average rate for a five-year fix lifting by 10 basis points to 5.04%.
However, the average rate for a three-year fix fell by 6 basis points to 5.07%, while the average rate for a 10-year fix edged 1 basis point lower to 4.99%.
Two-year fixes
At 95% LTV, the average rate fell 4 basis points to 5.89%, but at 90% LTV, the average rate lifted 16 basis points to 5.64%.
In this term, the 75% LTV average rate rose 14 basis points to 5.15%, while the 70% LTV average rate was 13 basis points higher at 5.65%.
Three-year fixes
Here, at 95% LTV, the average rate was unchanged at 5.72%, but the 90% LTV average rate fell 5 basis points to 5.27%.
The 85% LTV average rate was down by 10 basis points to 5.16%, while the 60% LTV average rate fell 9 basis points to 4.77%.
Five-year fixes
Here, at 95% LTV, the average rate fell by 3 basis points to 5.27%, but the 90% LTV average rate jumped 24 basis points to 5.25%.
At 70% LTV the average rate lifted by 19 basis points to 5.40%, and at 80% LTV, the average rate was 10 basis points higher at 5.09%.
10-year fixes
There was little change at this term, with the 95% LTV average rate falling by 2 basis points to 5.67%, and the 90% LTV average rate also edging lower by 2 basis points to 5.12%.
The 80% LTV average rate slipped by 1 basis point to 4.66%, while the 75% LTV average rate was 2 basis points lower at 4.60%.
Moneyfacts senior data analyst Eleanor Williams says: “The addition of a new provider listing going live in the Moneyfacts whole-of-market residential mortgage data set has contributed to a rise in the average fixed rates this week.
“LendInvest offer a wide range of products to suit different applicants, including those with varying levels of adverse credit history.
“However, when considering the various fixed rate product updates we have processed from across the different lenders in the residential arena this week, it’s only digital mortgages from Atom Bank who made rate increases across a number of its fixed deals, applying increases of up to 10 basis points.
“Also, this morning, Virgin Money increased the rate on one of its intermediary exclusive products for purchasers, also by 10 basis points, but then also included rate reductions across many of its other fixed rate deals of up to 21 basis points in its update as well.
“We have processed numerous changes from lenders making some quite notable reductions to their fixed rate offerings in recent days.
“Metro Bank made cuts of as much as 90 basis points to its fixed products yesterday, and earlier in the week Foundation Home Loans slashed up to 80 basis points from a selection of its fixed rate deals.
“Accord Mortgages have made cuts of up to 64 basis points in their latest update, Barclays Mortgage included rate cuts across some fixed offerings, in this case of up to 47 basis points.
“From the mutuals, Yorkshire Building Society reduced its fixed offerings by up to 50 basis points, Hinckley & Rugby Building Society applied cuts of up to 34 basis points this morning, Nottingham Building Society reduced a handful of its offerings by up to 30 basis points, and Leeds Building Society also lowered some of its fixed rates by up to 29 basis points this week.
“Elsewhere, Virgin Money made reductions of up to 21 basis points, and HSBC applied cuts across its range of up to 15 basis points this week.
“In the aftermath of another base rate rise, the usual increases to tracker rates, revert rates and other linked products unsurprisingly made up a significant proportion of the lender updates this week, though some of those — such as the increases to Standard ‘revert to’ rates from the NatWest group of 50 basis points were in reaction to the previous base rate decision.”
