The average five-year fixed mortgage rate is now above 5% for the first time since January, the latest data from Rightmove shows.
The average five-year fix is now 5.02% up from 4.56% a year ago, while the average two-year fix has increased from 4.84% to 5.41%.
A typical five-year fixed rate mortgage now costs 5.52% at 60% LTV, up from 4.23% a year ago, while an 85% LTV five-year fix has risen from 4.52% to 4.93%.
This means that the average monthly mortgage payment on a typical first-time buyer type property when taking out a five-year fixed rate 85% LTV mortgage is now £1,121 per month, up from £1,065 per month a year ago.
The latest research from Barclays also shows that spending on mortgage and rental payments increased by 3.6% year-on-year in April, ending the three-month slowdown seen since January.
Just one in four Brits (25%) are now confident in the strength of the UK housing market, following the volatility of the last year.
