Mortgage rates creep back up as lenders show caution

Average mortgage rates have increased for the first time month-on-month since February, reaching around 5% for two or five-year fixed-rate mortgages. Despite recent drops in rates, lenders are proceeding cautiously due to market uncertainties. Moneyfacts data shows a slight rise in rates, reflecting a pause in consecutive monthly decreases. Borrowers hoping for low mortgage rates may be disappointed, as lenders adopt a cautious approach in response to market trends.