Average fixes were lower across all major terms this week, data from Moneyfacts shows.
The average rate for a two-year fix fell by 7 basis points to 5.25%, while the average rate for a three-year fix edged lower by 1 basis point to 5.05%.
Over longer periods, the average rate for a five-year fix fell by 8 basis points to 4.97%, and the average rate for a 10-year fix slipped by 3 basis points to also stand at 4.97%.
Two-year fixes
The biggest falls in this term saw the 65% LTV average rate tumble by 18 basis points to 5.10%, while the 70% LTV average rate fell by 14 basis points to 5.51%.
The 95% LTV average rate was higher by 1 basis point to 5.94%, while the 90% LTV average rate edged lower by 1 basis point at 5.51%.
Three-year fixes
The 95% LTV average rate was the largest riser here, lifting by 17 basis points to 5.84%, while the 65% LTV average rate was the biggest faller, down by 11 basis points to 4.90%.
The 75% LTV average rate and the 70% LTV average rate both fell by 4 basis points to 4.83% and 5.29%, respectively. The 90% LTV average rate edged 1 basis point higher to 5.23%.
Five-year fixes
The biggest reductions in this term saw the 50% LTV average rate tumble by 25 basis points to 5.14%, and the 65% LTV average rate fall by 23 basis points to 5.08%.
The 95% LTV average rate lifted by 5 basis points to 5.29%, while the 90% LTV average rate fell by 13 basis points to 5.09%.
10-year fixes
The 80% LTV average rate and the 70% LTV average rate both fell by 6 basis points to 4.60% and 5.66%, respectively.
The only other movement in this term saw the 75% LTV average rate fall by 2 basis points to 4.60%.
Moneyfacts finance expert Rachel Springall says: “The mortgage market this week experienced more activity compared to the week prior, and fixed-rate cuts were the prominent movement.
“Out of the biggest brands, HSBC cut selected fixed rates up to 20 basis points, Santander made cuts of up to 17 basis points, NatWest and RBS also moved to cut selected fixed rates by up to 10 basis points.
“There were larger margins of cuts elsewhere, with Coventry Building Society cutting its offset fixed rates by up to 70 basis points, The Co-operative Bank and Platform cut its core fixed mortgages by up to 55 basis points and Aldermore also moved to cut selected fixed rates by up to 35 basis points.
“It will be interesting to see whether the interest rate cuts continue to outweigh rises across the fixed market next week.
“Elsewhere, a few lenders increased their standard variable rates/revert rates this week, with Cambridge Building Society, Gatehouse Bank, The Co-operative Bank and Platform all passing on 25 basis points.”
