Rising interest rates have been a common theme for both two-year and five-year fixed rate mortgage products this week.
The average fixed rate on two-year bonds rose 0.5% in the week ending Oct. 18, while five-year bonds rose 0.4%, according to Moneyfacts. 
Three-year bonds also rose 0.2%, and 10-year bonds rose 0.11%.
But there were also notable rate cuts by lenders this week.
Among the more significant rate cuts were Lloyds Bank cutting certain fixed rates by up to 0.36%, Halifax cutting rates by up to 0.24%, Barclays cutting rates by up to 0.36% and Royal Bank of Scotland cutting rates by 0.30%. NatWest cut prices by up to 0.30%.
Additionally, NatWest's prices were cut by up to 0.30%, TSB by up to 0.25% and Santander by up to 0.13%.
Construction trade associations also made cuts this week. West Brom had a 0.15% cut, while Melton, Monmouthshire and Skipton had a 0.20% cut.
Caitlin Eastell, a Moneyfacts spokesperson, said: “Several notable deals have surfaced this week, including a two-year fixed rate deal from TSB priced at 5.04%% Loan-to-Value 95 for first-time buyers. %, includes a free valuation and £500 cashback and no product charges. This is because you have a limited down payment and want to minimize the initial costs of your mortgage. This could be an attractive option for those considering it.
“Swap rates are particularly volatile, so it's not surprising that many financial institutions have moved to raise fixed-rate mortgage rates in response, but other large financial institutions have also made changes. It is possible that some financial institutions have repriced their transactions in an opportunistic response.” However, as the latest inflation announcement revealed that the CPI for September was lower than expected, currently at 1.7%, there is a possibility that the MPC will move to lower the base interest rate from November to December. Many expect there will be, which makes the outlook more positive for future rate cuts.
“The current era of rate hikes may therefore not last for much longer. In any case, if borrowers are unsure which deal is best for them, they should seek independent advice.”
