However, climbing rates are countered by longer shelf-life and increased product availability.
Borrowers will likely be disappointed to learn mortgage rate rises gained momentum throughout April; the average two-year fixed deal increased to 5.91% by the start of May – up from 5.80% the previous month.
This is according to data from the Moneyfacts UK Mortgage Trends Treasury Report, which found the average five-year fixed rate experienced a similar jump – rising from 5.39% to 5.48% over the same period. In both instances, this is the biggest month-on-month hike in average rates since March 2024.