Springall said that while the rise in the overall average two- and five-year fixed mortgage rates may come as disappointing news to borrowers, one positive aspect to take away from activity during June is that the rises were modest.

“One notable difference month-on-month has been a return to the stability in the shelf life of a mortgage deal, which has doubled to 30 days, up from 15 days,” she added. “Lenders have been repricing their deals in response to volatile swap rates, which calmed during June. If swap rates reach a turning point to drop, then there will be an expectation for fixed mortgage rates to come down, but this may be a slow and steady process to have a huge impact on overall average rates.

“The concerns surrounding mortgage affordability among borrowers remains and the government will no doubt be under the spotlight to see what plans may be set in motion to support homebuyers and those looking to get onto the property ladder. Those borrowers coming off a fixed rate deal this year will note the average standard variable rate is above 8%, so considering a lower rate fixed or tracker mortgage would be wise.

“There are over 400 different tracker mortgages on the market, and any that track the Bank of England base rate may suit those who believe that base rate will come down before the year is over. It is essential that any borrowers who are struggling seek advice from their lender and an independent broker to navigate the latest deals available to them.”  

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