Fixed rates in upward trend

Some mortgages ‘jump month-on-month for first time since February’

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Average two and five-year fixed mortgage rates have jumped month-on-month for the first time since February, according to a financial information website.

Moneyfacts recorded average mortgage rates on the market at the start of each month - and found that, across all deposit sizes, the average two-year fixed-rate mortgage increased from 4.96% in September to 4.98% in October.

The average five-year fixed rate increased from 5.00% in September to 5.02% in October.

Moneyfacts said that “mixed moves” from lenders have led to a rise in the average shelf-life of mortgage products generally, to 22 days in October, from 17 days in September.