Mortgage rates rise little by little

Mortgage rates are gradually rising, with the average overall two-year fixed rate rising above three per cent for the first time in more than seven years, according to Moneyfacts.

Last month, April, saw a 0.17 per cent month-on-month rise in the two-year fixed rate average for all loan-to-values, which has now risen for a seventh consecutive month.

At 3.03 per cent this is the highest on Moneyfacts’ records since March 2015. The average two and five-year fixed rates at 95 per cent LTV have also risen to 3.35 per cent and 3.47 per cent.