As three major lenders announce mortgage hikes , we thought now was a good time to give an overview of the market - and where rates are headed.Current average fixed mortgage rates are 5.78% for a two-year and 5.35% over five years , according to Moneyfacts.This uptick has been caused partly by rising swap rates - these dictate how much it costs lenders to lend.But, despite several weeks of turbulence on the high street, there has been no change to market forecasts for a first base rate cut.
The Bank of England withdrew language about further hikes in January - though its tone has remained cautious about cuts. Back then, six of its rate-setters voted for a hold, two for a hike and one for a cut.We'll hear more from them about their thinking when its next rate decision is announced a week on Thursday.Before then we have tomorrow's wage data - if this comes in high, it might encourage caution from the Bank, as high wages contribute towards inflation .