Mortgage rates across the UK have steadily climbed this week as several major lenders upped prices following a run of reductions in recent months.
According to Moneyfacts, average two-year fixed mortgage rates increased every day this week.
This took the rate on a typical two-year fix from just below 5.37% on Monday to 5.41% as of Friday.
NatWest Group PLC (LSE:NWG), Barclays PLC (LSE:BARC) and Lloyds Banking Group PLC (LSE:LLOY)’s Halifax were among major lenders to push up rates over the week, despite signs of further cuts to base interest ahead.
Money markets are expecting the Bank of England’s first cut in August to be followed by two more reductions before the year-end following a below-anticipated inflation reading earlier this week.
Rohit Kohli, director at broker The Mortgage Stop, had said big lenders were "looking to protect their profit margins" by raising rates over the week.
Following moves from these three giant lenders, he said it was "a surprise move" but "other lenders may soon follow".