Rightmove’s weekly mortgage tracker showed average mortgage rates for 2-year and 5-year fixes both went up by 0.03% in the last week, now at 4.64% and 4.61% respectively.
Despite this, rates were lower than a year ago, with the 2-year fix down by 0.78% and the 5-year fix down by 0.45%.
The lowest 2-year fixed rate available stood at 3.82%, up by 0.02% on the week, and the lowest 5-year fix was 3.88%, up by 0.09%.
For homebuyers with 5% to 10% deposits, average 2-year fixed rates increased slightly, with the 95% loan-to-value (LTV) product at 5.34%, up 0.01% on the week, and the 5-year fix at 5.24%, up 0.03%.
At 90% LTV, the 2-year fix was at 4.92%, up 0.02%, and the 5-year fix at 4.78%, up 0.03%.
Home-buyers with 15 to 25% deposits also saw small increases.
The 85% LTV 2-year fix rose to 4.61%, up 0.04%, and the 5-year fix to 4.58%, up 0.04%.
At 75% LTV, the 2-year fix reached 4.43%, up 0.06%, and the 5-year fix 4.46%, up 0.06%.
Those with 40% deposits saw the 60% LTV 2-year fix at 3.97%, up 0.01%, and the 5-year fix at 4.02%, up 0.02%.
All rates remained below last year’s figures.
Toby Leek, president of NAEA Propertymark, said: “With much attention being paid to the Bank of England base rate in response to the ever changing rate of inflation, which currently sits at 3.5 per cent and higher than the Bank of England’s target, it is important that consumers are provided with a choice of competitive rates that can provide them with stability over a period of time that suits them.
“However, while the weekly changes in rates have increased for fixed-term mortgages and are slightly higher for the end of May on a weekly basis, the yearly figures are more encouraging as they demonstrate that borrowing costs have slightly decreased year on year.
“It would be good to see further decreases in borrowing costs once the conditions are right and for further universally accessible mortgage deals to become widely available across the lending market.”
