Continued mortgage lender rate cuts have dragged down rates for another week, according to financial experts Moneyfacts.
The firm said the typical mortgage this week cost 4.93%, down from 4.96% last week and 4.98% the week before that.
The mortgage category to see the biggest drop in rates were three-year fixes up to 70% LTV, which saw a 27bps reduction over the week, to an average of 5.22%.
Other notable average drops were seen in two-year fixes to a maximum of 70% LTV, which saw a 9bps drop to 4.82%.
However, two-year fixes to 65% LTV bucked the trend for rate cutting, with rates rising 8bps to an average of 5.01%.
Moneyfacts finance expert Rachel Springall said: “The mortgage market had some decent margins shaved off fixed rates by a variety of lenders this week, which included notable cuts from the biggest high street banks. Building societies passed on lower rates, as did a handful of challenger banks, but the market also saw from fresh new deals launched for borrowers to consider.
“As the sentiment towards making cuts continued for a consecutive week, the average two- and five-year fixed rates fell to 4.88% and 4.93%, respectively week-on-week. The Moneyfacts Average Mortgage Rate fell to 4.93%.”
Lenders making cuts to fixed rates this week included Barclays Mortgage by up to 30bps, Santander up to 29bps, HSBC up to 15bps, Lloyds Bank by up to 14bps and Halifax by up to 14bps.
