The average mortgage rate on a five-year fixed rate has increased by 0.19% to 5.28% this month, the biggest monthly rise to the five-year fixed average rate since August 2023.

New data published by Moneyfacts also revealed that the average two-year fixed rate has seen a 0.13% rise to 5.52% at the same time.

Moneyfacts announced that product choice across the mortgage market rose month-on-month, to 6,486 options in November, the biggest month-on-month increase since June. Product numbers are substantially higher than a year ago, at 5,694 options.

The data also showed that the availability of deals at the 95% loan-to-value tier rose to 365, which is now at its highest point in over two years, since this stood at 369 in May 2022.

Finance expert at Moneyfacts, Rachel Springall, said that fixed mortgage rates had risen month-on-month as lenders rushed to reprice products due to “volatile swap rates”.

“This month the average five-year fixed rate felt a notable monthly rise, and during 2024 the rate has not fallen as much as its two-year counterpart,” Springall added.

“This will come as disappointing news to those borrowers who prefer to lock into a deal for the longer-term. On the other end of the spectrum, both the average two-year tracker rate and standard variable rate (SVR) fell in the aftermath of the Bank of England base rate cut.

“However, borrowers would be wise not to stick on their revert rate, as these are still charging much more than their fixed rate counterparts. There are estimated to be millions of borrowers who have not yet refixed their mortgage since rates started to rise in 2021, so seeking advice is wise.”

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