This means that a buyer buying a house with a typical mortgage of £200,000 will have to pay an extra £228 per month compared to if they had bought with an offer two weeks ago.
The wait has cost them £5,480 in additional interest over the course of a two-year deal.
The average rate for a two-year fix has doubled in the five months since May alone. Since July 2020, the rate has tripled.
Lenders have withdrawn a record number of deals after the mini-budget, as massive market volatility led to deals becoming impossible to price. Between September 23 and October 1, the number of available mortgage deals fell 43 percent, a loss of 1,703 products.
Banks and mortgage brokers are now slowly relaunching their deals – with prices that include much higher interest rate projections. The average rate for a five-year fix on Wednesday was 5.97 pc. – also an increase of 4.7 pc. before the mini-budget.
The number of available mortgage deals on Wednesday was still 40 percent lower than 12 days earlier. Average rates will likely continue to rise as more lenders relaunch deals at higher prices.
Rachel Springall, of Moneyfacts, said: “Consumers should carefully consider whether now is the right time to buy a home or to wait and see how things change in the coming weeks.”