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The latest Bank of England interest rate rise to 5.5% on 10 May will be felt by millions of homeowners when the increase hits their mortgage repayments in June. This was the fourth rate rise since last August, each at 0.25%, taking the interest rate up one point from 4.5%. Interest rates are now at their highest since April 2001.

For borrowers with a £150,000 variable rate mortgage, the rises have meant an increase of £100 in monthly repayments, and most experts believe we have not seen the last of the increases.

According to the Council of Mortgage Lenders, an average first time buyer now spends a record level of 18.3% of their monthly income on mortgage repayments.

It is anticipated that more homeowners will turn to fixed mortgage rates to avoid similar painful rises in the future. Indeed, already borrowers are moving that way. Fixing is now seen by many as a preferable alternative to a tracker mortgage.

Borrowers who want a good fixed rate are advised to act quickly. The lowest rate deals around at the moment can be accompanied by high fees: around 1.5% of the mortgage. As ever, homeowners need to do their sums before deciding on the deal that is right for them.

Two months ago Abbey were offering a 4.99% two-year fixed for a £999 arrangement fee. The same deal now is 5.19% and £1,499. It is likely that for very soon we will have seen the last of deals below 5%.

Although rises have been seen across the board, there are still some good deals to be found.

For the moment, Bradford & Bingley have a two-year fixed rate at 4.99% and a fee of £1,499. Although only available through brokers, BM Solutions has a tracker at 0.51% below base rate (therefore currently 4.99%) for two years, also with a fee of £1,499.

The going is tough. If you want to fix it, fix it quickly.