Average mortgage rates for fixed deals were relatively unchanged this week, with only slight movement among the most popular products.
According to Moneyfacts, average rates on two-year fixes fell just 0.01% to 5.51%; three-year and five-year fixes were both unchanged at 5.34% and 5.30% respectively; while 10-year fixes were up 0.02% to 5.70%.
Despite this, certain lenders did increase rates on select products more significantly this week, among them Barclays and Halifax who both put rates up by 0.20% and West Brom Building Society by up to 0.25%.
Virgin Money also increased rates, by up to 0.12%.
However, building societies made more rate cuts than increases. Nottingham Building Society cut some product by up to 0.23%, Suffolk Building Society by up to 0.20%, Coventry Building Society by up to 0.10%, and Newcastle Building Society by up to 0.09% though they also increased selected deals by up to 0.07%.
Leeds Building Society reduced by up to 0.05% but also launched new deals at 80% loan-to-value.
Further rate cuts were made by the Co-operative Bank, by up to 0.35%, MPowered Mortgages by up to 0.30% and Gen H by up to 0.20%.
Rachel Springall, Finance Expert at Moneyfacts says: “It was another week of mixed attitudes in the mortgage market from lenders, with several making cuts to fixed rates and some prominent brands increasing them.
“As lenders catch up to recent weeks of swap rate volatility, we are likely to see a similar picture next week. However, expectations for rates to surge higher have dimmed somewhat, and borrowers will be keen to see the Bank of England cutting base rate in a few weeks’ time.
“This week noted a few lenders launching new deals, but also pulling some products at higher loan-to-values, so those buyers with small deposits would be wise to seek advice to explore the latest deals available to them.”
