If you have been considering trying to secure a fixed-rate mortgage, the time to move may be sooner rather than later. Why? Because rates on fixed deals have seen a significant jump over the course of the past month. These rates naturally fluctuate, but the jump from 1 August to 1 September was one of the largest rises in years. Statistics from Moneyfacts Treasury Report indicate that August saw average rates leap upwards across both two-year fixed rates and five-year fixed rates. August 2020 saw the average two-year fixed rate, including all products and LTVs, at 2.08%. This however leapt to 2.24% for September 2020 – the largest such increase since July 2009. A similar thing happened in the five-year fixed rate field. August 2020 saw rates at 2.34%, but this had jumped to 2.49% by September 2020. This 0.15% jump was the largest since March 2011. Moving back to pre-lockdown levels? This kind of news would ordinarily be very surprising. But given the global circumstances, it is not quite as much of a surprise. These rises are all taking place on the back of the historic lows seen during the summer this year. This was a time when the market was feeling the effects of the COVID-19 pandemic and all manner of industries were thrown into a state of flux. Rates pre-lockdown were still higher than what they were recorded as being for both two-year and five-year fixed rates in September 2020. The average two-year fixed rates in March 2020 were as high as 2.43%, while five-year rates were 2.74% according to Moneyfacts Treasury Report. But the recent rises likely indicate that rates are set to return to the kind of levels seen in the early part of this year. Time to move? The rises seen over the course of August are likely indicative of this being the dominant flow within the market as the mortgage industry looks to bounce back from the effects of the COVID-19 pandemic. The pandemic also led to a major drop in mortgage products available on the market, from more than 5,200 products to fewer than 2,600 by the start of May 2020 according to Moneyfacts Treasury Report. This combination of factors means that now could be the time to move if you are seeking a mortgage and want to secure a fixed-rate to your liking. If the current trends continue, then by October 1 the rates could be higher still and return to pre-pandemic levels. This could mean you miss out on the opportunity to secure the lower rate you seek. The tumultuous market and fewer mortgage products out there also means getting mortgage advice from experts such as our team at Roots Mortgages can prove truly advantageous. Related Posts: Mortgage affordability for self-employed… 95% LTV Mortgages are back - Are they a…Contractor Mortgage Brokers - How do they work?