Mortgage deals are being withdrawn from the market at their fastest sustained pace on record, with the average product available for just 13 days in September, Moneyfacts figures show. This is a decrease from 14 days in August, and compares to an average of 43 days in 2019.
The figures also indicate renewed upward pressure on mortgage pricing. The average two-year fixed mortgage rate increased to 5.93% in October, up from 5.59% in September. Similarly, the average five-year fixed rate climbed to 5.95% in October from 5.63% a month earlier.
Despite a rise in the total number of available mortgage deals, from 7,516 in September to 8,696 in October, higher rates and frequent product changes are complicating affordability calculations for buyers. Adam French, head of consumer finance at Moneyfacts, stated that the average mortgage product has lasted just 15 days on the market so far this year, creating a tighter window for borrowers to secure a deal.