Average fixed rates rise to June levels as lenders rush to refinance: Moneyfacts – Mortgage Strategy

Average mortgage rates have returned to June levels as more than a dozen lenders cut rates this week, according to Moneyfacts.

The two-year mortgage rate rose 9bps to 5.59%, compared with 5.5% last week, the latest Moneyfacts watch estimate found.

Meanwhile the five-year standard deviation rose by 5bps to 5.61% over the same period.

In prime mortgages, the five-year fixed rate at 95% LTV rose above 6% for the first time since early June, from 5.95% to 6.01% each week, while at 90% LTV the rate rose from 5.61% to 5.69%.

Moneyfacts financier Rachel Springall said: “Mortage rate hikes have been widespread this week, passed by more than a dozen lenders, including major high street banks.” The increase in the past two weeks has reversed weeks of consecutive cuts to bring average prices back to where they were in June.

“Prolonged turmoil in the Middle East has fed into the exchange rate market, which has also pushed up mortgage costs, as lenders monitor exchange rates to help them price fixed deals. Concerns about global energy supply disruptions have caused oil prices to rise above $100 a barrel this week, adding to market uncertainty and fueling long-term expectations of borrowing costs.”

The fixed rate is increasing

• Accord Mortgages – The fixed rate of the loan increased by arrival it’s 26bps (22 Jul, mixed changes) and on 20 bps (July 24).
• Atom Bank – Prime fixed rate mortgages increased by it’s 25bps; Near Prime fixed rate mortgages increased by 10 bps (95% fixed LTV products).
• Bank of Ireland Intermediaries – Bespoke fixed costs for mortgages increased by arrival it’s 26bps.
• Barclays Mortgage – The fixed rate of the loan increased by arrival it’s 19bps.
• Halifax – The fixed rate of the loan increased by arrival 20 bps (direct and intermediary).
• HSBC – The fixed rate of the loan increased by arrival 20 bps.
• Leeds Building Society – The fixed rate of the loan increased by arrival it’s 15bps (July 22); Income Plus fixed rate loans increased by it’s 15bps (July 23).
• Lloyds Bank – The fixed rate of the loan increased by arrival 20 bps.
• NatWest – Fixed rate loans increased by arrival 20 bps.
• NatWest Intermediary Solutions – Fixed rate loans increased by arrival 20 bps.
• Perena – Fixed rate mortgages increased by 20 bps.
• Principal Building Society – The fixed rate of the loan increased by arrival 20 bps (mixed changes).
• Royal Bank of Scotland – Fixed rate loans increased by arrival 20 bps.
• Santander – The fixed rate of the loan increased by arrival 30 bps.
• Skipton Building Society – The fixed rate of the loan increased by arrival it’s 24bps.
• TSB – The fixed rate of the loan increased by arrival 20 bps (21 Jul and 24 Jul).
• West Brom Building Society – The fixed rate of the loan increased by arrival 22 bps.
• Yorkshire Building Society – The fixed rate of the loan increased by arrival it’s 17bps (July 20). After the withdrawal on 22 Jul, part of the list was re-launched on 24 Jul with increased prices of up to 60 bps.

Fixed rate reduction

• Accord Mortgages – Fixed rates for mortgages have been reduced to 11 bps (22 Jul, mixed changes).
• Gene H – The fixed rate of the loan was reduced by 10 bps.
• Principal Building Society – Fixed rates for mortgages have been reduced to it’s 7bps (mixed changes).
• Tipton & Coseley Building Society – RIO and fixed rate retirement loans are reduced by 5 bps.

Product launches, withdrawals and other changes

• Bank of Ireland Intermediaries – The fixed lending rate has been withdrawn (23 Jul). Bespoke’s fixed rate mortgages have also had product expiry dates extended by two months (24 Jul).
• Bank of Ireland UK – The fixed rate of the loan has been withdrawn.
• Furness Building Society – The two-year mortgage has been waived; The two-year fixed-rate mortgage has been extended to be available for both home purchases and mortgages.
• Leeds Building Society – New zero-fee mortgages launched (22 Jul). Selected mortgage loans were withdrawn on 23 Jul and other products were withdrawn on 24 Jul.
• Marsden Building Society – Fixed rate mortgage has been cancelled.
• Newcastle Building Society – Basic and professional loan rates have been withdrawn, as well as selected tracker rates.
• Santander – New standard and New Build fixed loan rates have been introduced. Product expiration dates are extended by one month.
• Skipton Building Society – Product expiration dates are extended by one month.
• Co-operative Bank for intermediaries – The mortgage loan range has been temporarily withdrawn.
• Tipton & Coseley Building Society – New fixed rate mortgages and variable mortgage discounts introduced. Product expiration dates are extended by one month.
• TSB – Product expiration dates are extended by three months.
• Vida Homeloans – Product expiration dates are extended by one month.
• West Brom Building Society – Fixed rate remortgage loans have been waived.
• Yorkshire Building Society – Selected fixed rate loans were withdrawn (22 Jul), part of the list was relaunched on 24 Jul at higher rates and new fixed rate loans were introduced.

Tracker and discounted variable rate changes

• Accord Mortgages – Variable tracker rates have been reduced to it’s 16bps or up to 3 bps (mixed changes).
• Halifax – Variable tracker rates increased by 10 bps.
• Leeds Building Society – Variable tracker rates increased by 10 bps.
• Lloyds Bank – Variable tracker rates increased by 10 bps.
• Newcastle Building Society – Variable tracker ratings have been removed.
• Tipton & Coseley Building Society – New High High Multiple variable levels with discount have been introduced.
• Yorkshire Building Society – Variable tracker values ​​increased by arrival it’s 9bps.