Average mortgage rates have risen for the first time since February, data shows, as experts say the upcoming Budget and sticky inflation have led to lenders repricing.

Month-on-month, average mortgage rates on two and five-year fixes both edged up 0.2 per cent to 4.98 per cent and 5.02 per cent, respectively, Moneyfacts said.

Fixed mortgage prices are heavily based on swap rates, which follow long-term predictions for where the Bank of England base rate will go in the future.

These have risen in recent days as lenders react to higher funding costs.

Rachel Springall, a finance expert at Moneyfacts, said: “Volatile swap rates and a cautionary approach among lenders have led to an abrupt halt in consecutive monthly average falls.”

What’s happening to mortgage rates?

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