According to an analysis by Moneyfacts, average fixed rate mortgage prices have risen this week, but largely due to big increases from one lender distorting the figures.
The largest increases were seen for two-year fixes up to 65% LTV, which rose an average of 30 basis points to 5.15%, and five-year fixes up to 65% LTV, which rose 29 basis points to 5.13%.
However, much of this increase is due to the addition of a large number of products from specialist lender West One to the Moneyfacts mortgage dataset, according to Adam French, head of consumer finance at Moneyfacts.
French said: “Potential borrowers will welcome the news that fixed rate cuts continued to dominate this week, although there has been a notable slowdown in activity as January closes.
“Barclays and TSB have made cuts, some of them remarkably significant, to their ranges. In addition to the major lenders, several challengers and building societies have also made some high-profile cuts to their fixed income products.
“However, many lenders may have halted planned cuts as two- and five-year swap rates hit 30-day highs in response to a volatile week of news at home and abroad – with inflation data coming in a little hotter than hoped.”
Several lenders cut their fixed interest rates this week, with notable cuts from Mansfield Building Society to 70 basis points and Clydesdale Bank to 45 basis points.