Despite this increase, rates are still lower than those recorded in January 2024, said Moneyfacts.
The financial information provider said that average rates for two- and five-year fixed rate deals rose to 5.80% and 5.39% respectively during the last month.
The average standard variable rate (SVR) was steady at 8.18%, just below the peak recorded in late 2023.
The average rate for a two-year tracker variable mortgage saw a fall to 6.14%.
More product choice
The good news is that there has been an increase in product numbers, with 6,307 mortgage options now available, marking the highest level since February 2008.
The availability of deals at the 90% loan-to-value (LTV) tier (for those with a 10% deposit) saw a rise for the second consecutive month, reaching its highest point in over four years.
Deals at 95% LTV increased for the fourth consecutive month, marking the highest count in nearly two years.
Rachel Springall, finance expert at Moneyfacts, said: “Fixed mortgage rates have continued on an upward trajectory, but the rises to the overall average two- and five-year fixed mortgage rates were much more modest.
“Borrowers will find rates are significantly lower compared to six months ago, when the average two- and five-year fixed rates were 0.67% and 0.58% higher respectively.
“Mortgage product availability continues to thrive, with the overall choice of residential products reaching its highest point in over 16 years. Deeper analysis shows that the number of deals available at higher loan-to-value ratios rose. Indeed, at 90% loan to value, the number of deals increased for a consecutive month, as did deals at 95% loan to value.
“There are now 1,109 deals at these ratios combined, positive news for borrowers with a limited deposit or equity. The growth in choice is good news for first-time buyers, who may be struggling to find an affordable property. Those with limited deposits will find the cost to borrow at higher loan to values across the two- and five-year fixed rates rose month-on-month, with the average two-year fixed rates at 90% and 95% breaching 6%.”
