Barclays said this week that “most, but not all, interest rates” had risen. The interest rate on a two-year fixed contract with a maximum loan amount of £570,000 rose to 5.76% from 5.66% the previous week, while the equivalent five-year fixed rate rose from 4.90% to 5.00%.
Leeds Building Society has also increased prices on some products. Two-year fixed interest rates and five-year fixed interest rates rose from 4.39% to 4.54% and from 4.54% to 4.69%, respectively.
According to financial information firm Money Facts, the average two-year fixed mortgage rate on Tuesday was 5.83%, up slightly from 5.82% the day before, while the five-year average rate was unchanged at 5.40%. .
Tom Bill, of agency Knight Frank, predicted it would be a long time before homeowners were able to get mortgage rates below 4%.
“The prospect of five-year fixed-rate mortgages starting from three years on the horizon is quite remote,” he said.
He added that “mixed signals” about price movements within the economy were making it difficult for the Bank of England to decide on interest rates.
Our expectations regarding the future direction of our benchmark interest rates have a significant impact on the mortgage rates offered by high street banks.
The central bank's key interest rate is currently 5.25%, and analysts earlier this year expected it to be lowered from June.
But inflation has not fallen as quickly as expected, leading some to hold off on predicting when the central bank will take action.
