Higher inflation tends to mean a likelier chance of raised interest rates, which sees money markets send swap rates – which mortgage prices tend to be based from – higher. The average two-year mortgage fixed deal on Friday was 5.59 per cent, having been 5.46 per cent just two weeks ago. Five-year deals have moved in the same timeframe from 5.48 to 5.61 per cent. Moneyfacts data shows this is the highest price point for an average two-year mortgage deal since 19 June, and since 7 June for a five-year term. "It will be incredibly frustrating for borrowers to see rates rise back up to where they were a month ago.