The British Bankers Association (BBA) reported that mortgage approvals in May were up 7% from April and nearly 16% from last year.

This rise in mortgage approvals was the 5th rise out of 6 months, hitting a 13 month high.

Overall net new mortgage lending though was at its lowest level since March 2001.

The remortgage market remains particularly weak as many people continue with the standard variable rates offered by their mortgage lenders.

Whilst there have been some signs of improvement in the housing market, with the continued rise in fixed rate mortgage rates there has to be a concern that this will be stopped before it really gets started.

Last week, the average 2 year fixed rate mortgage increased to 4.9% and the 5 year to 5.82%.

Nationwide has raised its fixed rate mortgage rates again this week by an average of 0.23%, on top of its earlier rise of up to 0.86%.

There seems to be only one way the mortgage rates are going and that is up - is it time to fix a mortgage deal now before they go up further?