The average five-year fixed rate mortgage deal has hit 6%.

In June the average five-year fix was 0.43% more expensive and the average two-year fixed rate deal increased by 0.41% to 5.08%.

About 65 residential mortgage products have dropped from the market, leaving 1,242 on the shelves.

Borrowers looking for a 90% loan-to-value – or 10% deposit down – deals have gone up 21% during June, with Britannia, Cambridge, Earl Shilton, Leek United and Saffron building societies all entering the niche market.

“Anyone looking for a new fixed rate deal needs to act fast as lenders continue to fall over each other to increase rates," Louis Kaszczak, of independent finance reviewers Moneyfacts.

“No one seems to want to offer the lowest fixed rate deal. The only positive news is for those with a small deposit, where competition is slowly returning to the market.”

Kaszczak added not many borrowers would likely take up an average five-year fix standing at 6.79% for those with a 10% deposit.

House prices dropped across a number of regions in May, according to the Land Registry.

The Halifax and Nationwide Building Society released figures suggesting the average cost of housing rose during the month, the Land Registry data came to a different conclusion.

According to the Land Registry, the average property in England and Wales dropped in value by 0.2% between April and May.

The region with the most significant annual price fall of 17.2% was the north-east, while Manchester  experienced the greatest annual drop in value with a movement of 23.8%.

Another housing market survey by Hometrack shows prices stood still in June as the number of new buyers increased.

Rising sales volumes, a dwindling supply of housing for sale and a continuing increase in demand have all contributed to the standstill.

The survey shows the number of new buyers registering with estate agents rose by 4.6% in June, the fifth monthly increase in a row.

New buyer registrations have grown by 36% since the start of the year in stark contrast to the same period last year when agents registered an 18% drop in the number of buyers on their books.

Sales have also risen by more than 80% since the start of the year, albeit from a low base.

One of the best sources of fixed rate mortgage deals is a mortgage comparison site like ours.