The Moneyfacts report also revealed that the number of mortgage products available increased to 6,565, reaching a peak not seen since February 2008. The availability of mortgage deals at the 90% loan-to-value ratio continued to rise for the third consecutive month, also reaching its highest in over 16 years, while the count of deals at 95% loan-to-value also grew for the fifth consecutive month.
Mortgage product shelf-life extended to 28 days, up from 15 days in early March.
Moneyfacts: Residential fixed mortgage rate increases gain pace.
Read more here: https://t.co/H5FQ5sxBip#moneyfacts #mortgages #financenews #moneyfactscompare pic.twitter.com/4SckdANgOX
— Moneyfacts Press (@MoneyfactsPress) May 13, 2024
“Mortgage rate rises have gained pace, with the average two- and five-year fixed rates increasing by 0.11% and 0.09% respectively,” said Rachel Springall (pictured), finance expert at Moneyfacts. “This counters the more subdued rises seen a month prior, so rates are closing in to levels not seen since the start of the year.
“Volatile swap rates spurred lenders to review their fixed mortgage pricing, which has resulted in rises across all loan-to-value tiers on two- and five-year fixed mortgages. Borrowers may be concerned by these movements, but one positive point to take from the latest trends is that mortgage shelf-life has stabilised to 28 days.”
