Average rates saw a sharp weekly spike this week as some product categories rose 58 basis points and more than 50 lenders raised prices.
Moneyfacts interest rate monitoring data shows serious increases since last Friday, but the moves have not yet been as steep as after the Liz Truss mini-Budget.
At that time, in September 2022, the average two-year fixed rate rose by 181 basis points in one week.
Last week, the average two-year interest rate rose 40 basis points to 5.75%.
This is 92 basis points higher than just before the outbreak of the war in Iran.
The average five-year interest rate is 30 basis points higher than last Friday, at 5.69% today.
The average three-year fixed rate with an LTV of 65% saw the strongest weekly increase of all categories, up 58 basis points to 5.19%.
The average two-year fixed interest rate with an LTV of 50% increased by 57 basis points to 5.48%.
Most other product levels saw week-on-week increases of 40-50 basis points.
The The Chancellor met with the six largest lenders to confirm mortgage support for borrowers amid the ongoing turmoil.
Adam French, head of consumer finance at Moneyfacts, said: “Rates are not moving as quickly as we saw in response to the mini-Budget.
“However, the longer the conflict continues and global supply chains remain severely disrupted, the closer we may come to achieving the levels of increases we saw then, but over a longer time frame.
“The average rate for a two-year repair has only increased by around half compared to the amount over a comparable period in response to the mini-budget.
“At the time, interest rates calmed down and fell a bit before rising again as base rates rose over the next few years.
“The path to a calmer market is less clear today.”
He adds: “Rapid price revisions, pullbacks and selective product relaunches all indicate that the market is still struggling to keep pace with higher borrowing costs.
“Mortgage pricing is changing rapidly and does not wait for the Bank of England to act.
“As long as money markets continue to price in higher interest rates as a result of the ongoing conflict in the Middle East, lenders will need to continue to adjust their bandwidth.”
Here are some of the most important changes this week by lenders:
AIB (NI) – Range limited to purchase only; cashback removed from green solutions; max 60% LTV fixed rates withdrawn and relaunched; Fixed interest rates have been increased by up to 88 basis points.
Agree Mortgages – Variable trackers increased by up to B7bps; fixed rates up to 42bps; end dates extended; selected products withdrawn
Aldermore – Range withdrawn and repriced; new fixed interest rates on 2 years (+65 basis points) and 5 years (+45 basis points) launched
Mortgages April – Fixed rates increased by a maximum of 30 basis points
Atomic bank – Fixed interest rate increased (by 35 basis points and then by 15 basis points)
Bank of Ireland Intermediaries – Fixed rates increased (to 30bps and then to 38bps); selected products withdrawn
Bank of Ireland, UK – Selected fixed rates withdrawn; others rose to 30bps.
Barclays Mortgage – Fixed rates increased by a maximum of 35 basis points.
Bath construction association – Fixed rates withdrawn
Buckinghamshire Building Society – Discount on variable rates withdrawn
Cambridge Building Society – The majority of the fixed and reduced variable rates have been withdrawn
Clydesdale Bank – Fixed rates withdrawn; discounted variable interest rate increased by 20 basis points.
The Cooperative Bank – New fixed and variable rates launched
Coventry Building Society – Range revoked; new products launched; fixed rates increased by a maximum of 75 basis points.
Darlington Building Society – New fixed and discounted variable products launched
Dudley Building Association – Fixed rates withdrawn
Family Building Association – Fixed rates withdrawn
First direct – Fixed rates increased to 27 basis points and then to 88 basis points
Foundation – New fixed rates launched
Furness Building Society – Fixed interest rate increased by 55 basis points
Gatehouse Bank – Fixed interest rate increased by 45 basis points; Selected flat rates withdrawn
Gen H – Fixed rates increased by a maximum of 40 basis points; new remortgage solutions launched
HSBC – Fixed rates increased by (up to 52 bps and then to 60 bps; trackers by (up to 20 bps and then to 20 bps)
Halifax – Fixed rates increased by a maximum of 50 basis points
Hanley Economic Construction Company – Multiple products withdrawn; new RIO fixed interest rate launched
Hodge – Mortgage range temporarily withdrawn
Kensington – Fixed interest rate increased by 20 basis points; new Select product launched
Leeds Building Society – Fixed rates increased by a maximum of 38 basis points
Leek building association – Fixed rates increased (to 50bps and then to 25bps); selected products withdrawn
LendInvest Mortgages – Fixed rates increased by a maximum of 50 basis points; selected products withdrawn
Lloyd’s Bank – Fixed rates increased by a maximum of 50 basis points
Loughborough Building Society – New fixed interest rate launched; selected products withdrawn
Melton Building Society – New fixed rates launched; selected products withdrawn
Metrobank – Fixed rates increased (to 30bps and then to 70bps); new products launched
NatWest – Fixed and tracker rates increased by 15 basis points; end dates extended
National Construction Association – Fixed rates increased by a maximum of 30 basis points; trackers with up to 10 fps
Newcastle Building Society – Selected products withdrawn; fixed rates increased; new products launched
Nottingham Building Society – Fixed rates increased (to 80bps and then to 60bps); selected products withdrawn; Rio’s fixed rates will increase by up to 40 basis points
Penrith Building Society – The variable interest rate increased by 20 basis points with a discount
Pepper Money – Fixed rates increased by a maximum of 50 basis points
Perenna – Fixed interest rate increased by 30 basis points
Principality Building Society – New fixed rates launched
Progressive construction company – Selected products withdrawn; fixed interest rates increased by 29 basis points
Royal Bank of Scotland – Fixed and tracker rates increased by 15 basis points; end dates extended
Santander – Fixed rates increased by a maximum of 39 basis points
Scottish Building Association – New fixed rates launched; selected products withdrawn
Skipton Building Society – New fixed rates launched; Selected fixed rates increased by up to 6 basis points
Suffolk Building Society – Fixed interest rates increased by a maximum of 26 basis points; selected products withdrawn; end dates extended; The variable interest rates have been increased by a maximum of 20 basis points
TSB – Fixed rates increased by a maximum of 45 basis points; Subsequently, the selected fixed rates for home purchases were increased by up to 45 basis points
Vernon Building Society – New fixed rates launched
Vida Home Loans – Fixed rates increased (to 60bps and then to 50bps)
Virgin money – Fixed rates increased by a maximum of 70 basis points; trackers with 10bps
West Brom Building Society – Selected fixed rates withdrawn
Yorkshire Building Society – Fixed interest rates increased by a maximum of 53 basis points; trackers up to 23bps; end dates extended