By the beginning of March, lenders were typically withdrawing mortgage deals after only 14 days

The average shelf life of a mortgage product on the market has plunged to just two weeks, marking the shortest period seen in more than two years, according to new data from financial information website Moneyfacts.

By the beginning of March, lenders were typically withdrawing mortgage deals after only 14 days.

This represents the most rapid turnover since August 2023, when the average ‘shelf life’ stood at 13 days.

This accelerated pace in the market comes as average mortgage rates have recently jumped above the 5% threshold.

On Monday morning, the average two-year fixed-rate homeowner mortgage reached 5.20%, a notable increase from 5.10% recorded last Friday.

Similarly, the average five-year fixed deal increased to 5.25%, up from 5.19% at the end of last week, both figures representing significant highs in the current climate.

Even in the turbulent aftermath of the 2022 mini-budget, which sent shockwaves through financial markets, the average mortgage shelf life was slightly longer, at 15 days.

However, mortgages have not disappeared in recent weeks as fast as they did in the aftermath of the mini-budget.

On Friday last week, Moneyfacts said at least 530 homeowner mortgage deals have vanished from the market since Monday March 9, representing around 7.5% of deals.

But the biggest single day drop for residential mortgages recorded by Moneyfacts was the withdrawal of 935 products on September 27 2022, equating to a little more than 25% of the deals available at the time.

In recent days, lenders have been scrambling to increase their mortgage rates and withdraw some products amid changing expectations in the financial markets following the war in the Middle East. Swap rates, which are used by lenders to price mortgages, have been rising.

Rachel Springall, a finance expert at Moneyfacts, said: Since this data was captured, there has been a notable shift in swap rates, amid the unrest seen in the Middle East.

She said: It is worth noting that the average shelf life of a mortgage has not been this low for over two years.