Mortgage costs have hit their highest level in 15 years after average rates on two-year fixed deals passed the peak of the mini-budget aftermath.
The average rate on Tuesday was 6.66%, up from 6.63% on Monday.
It comes as wages increased at the joint-highest rate on record, fuelling fears that inflation will continue to rise.
After the market was sent plummeting following Liz Truss and Kwasi Kwarteng’s mini-budget, the two-year rate peaked at 6.65% in October.
Lenders have been withdrawing and re-pricing deals rapidly – there are 287 fewer residential mortgage products on Tuesday compared with Monday.
The average five-year fixed rate mortgage has increased to 6.17%.
The buy-to-let sector saw the fixed rate rise to 6.83% on Tuesday, according to financial information company Moneyfacts.
Average regular wages during this period were 7.3% higher, the same as during the previous three months and the joint highest since records began in 2001.
The Office for National Statistics (ONS) said the UK unemployment rate jumped to 4% for the three months to May, from 3.8% in the previous three-month period.
Economists had predicted a reading of 3.8% for the latest quarter.
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