The number of homeowners looking for a remortgage increased over the past months as approvals for remortgages made up a significant part of all mortgages types. There was a move to secure a good fixed rate before rate regulators increased the standard base rate. Now new data from the financial advice website Moneyfacts.co.uk reveals that an early move to remortgage was a good decision as fixed rate deals are coming in at higher interest rates than just a few weeks ago.

The average interest rate for a 2 year fixed rate is at 4.49 per cent and the average 5 year fixed rate is at 5.45 per cent. This average is at the highest level seen since August of last year. The average 3 year fixed rate is at 5.05 per cent and that average is at the highest since September 2010.

Consumers are being urged to consider shopping sooner over later if they are interested in grabbing a low interest rate on a fixed rate remortgage. In just a matter of weeks the best deals have been evaporating and the trend is not likely to change. Remortgage hopefuls will find lenders increasing the rates available and even some products being pulled.

Michelle Slade, a spokesman for Moneyfacts.co.uk, said: "Fixed mortgage rates continue to rise as lenders pass on the higher cost of funding to borrowers.

"The majority of lenders have increased rates since the start of the year, with some mortgage deals seeing rate rises of more than 0.5 per cent.

"Borrowers who have delayed the decision to commit to a new deal will now find themselves having to pay higher monthly payments.

"With no signs of swap rates starting to fall, the likelihood is that mortgage rates will rise further.

"Recent reports are suggesting that a Bank Rate rise could happen sooner than previously thought.

"Any rise in Bank Rate would push mortgage rates higher, so borrowers looking to fix their repayments should act sooner rather than later."