Signs the mortgage market is steadying as fixed rates remain static

Average two- and five-year fixed mortgage rates have held steady for four days in a row, in signs that the home loans market could be steadying following the turmoil seen in recent weeks.

Across all deposit sizes, the average rate offered on a two-year fixed-rate mortgage has now remained the same for four days, at 6.47%, figures from Moneyfacts.co.uk show.

The average five-year fixed-rate mortgage rate on the market has also remained the same for four days in a row, standing at 6.29% between Friday last week and Monday.

The choice of mortgages has also remained broadly static in recent days, with 3,104 mortgage products available on Monday, which was slightly down on the 3,112 deals available on Friday last week.

Average mortgage rates shot up in the days following the mini-budget as lenders pulled deals from sale and repriced their rates upwards.

The number of mortgage products dropped to 2,258 at the start of October, having stood at 3,961 on the day of the mini-budget.