Average two-year fixed rates at 70% loan-to-value were the biggest movers over the past week, dropping by 23 basis points, figures from Moneyfacts show.

In this tier the average rate fell from 5.4% to 5.17%, but across all LTV bands, the average rate on two-year deals dipped only slightly by 2 bps from 5.37% to 5.35%.

The most substantial fall in average five-year fixed rates was also in the 70% LTV tier, down by 15 bps from 5.37% to 5.22%, while across all LTV bands the average rate came down in line with two-year deals, falling 2 bps from 5.21% to 5.19%.

There was no week-on-week change to average three-year fixed rates, which remained at 5.23%, all there was movement in certain LTV bands.

Average 10-year fixed rates also remained static at 5.57%.

Moneyfacts finance expert Rachel Springall says that despite some lenders increasing rates, reductions prevailed to push averages down lower.

She says: “It is positive to see the rate cutting momentum continue this week, with lenders competing to entice borrowers with lower rates.

“However, the two and five-year swap rates have been up and down this week, but as a result they are slightly higher than their 30-day lows, so it’s unclear how this will impact lenders’ pricing decisions in the weeks to come.

“It is worth pointing out that rate cuts are not the only moves being made by lenders over the past few days, as a few mutuals decided to increase rates.

“The path of interest rates remains uncertain, but there are still hopes for more cuts to the Bank of England base rate this year.

“Santander expects there to be three base rate cuts before the end of 2025, but for a hold next week by the Monetary Policy Committee.”

Among the lenders to cut fixed rates were Santander by up to 25 bps, TSB by up to 15 bps and HSBC by up to 20 bps.

In the building society sector it was a mixed bag with West Brom, Leek, Suffolk, Monmouthshire cutting rates, while Skipton and Principality made moves in both directions, the latter increasing some rates by up to 25 bps.

Yorkshire Building Society raised some prices by up to 30 bps, Progressive by up to 26 bps and Nottingham by up to 13 bps.

Aldermore cut some rates by up to 70 bps, while increasing others by up to 30 bps, Foundation Home Loans reduced some by up to 25 bps and raised others by up to 10 bps.