Average two-year fix rises above 5%

Average two and five-year fixed rate mortgages have increased week-on-week, according to the latest Rightmove data.

The average two-year fix is now 5.02%, up 2bps compared to last week and up 5bps year-on-year. The average five-year fix is up 3bps on a weekly basis to 4.80%, and is now 13bps higher than this time last year.

Average 90% LTV and 95% LTV rates have all increased by 0.03% compared to last week. Average rates at 85% LTV have increased by up to 0.03%, 75% LTV rates by up to 0.04%, and 60% LTV rates by up to 0.04%.

The lowest fixed rates available on the market remain the same as last week - 4.22% for a two-year fix and 4.07% for a five-year fix.

Last week, average two and five-year fixed rates saw reductions, despite a turbulent economic market, with selected rates falling by up to 0.17% compared to the previous week.