A fixed rate cutting trend was clearly in evidence this week, as some of the biggest lenders made significant cuts.

Overall, reductions prevailed over increases to push the average two-year and five-year fixed rates lower to 5.17% and 5.10% respectively.

As Moneyfacts finance expert Rachel Springall points out the prominent brands to reduce selected fixed rates this week included Lloyds Bank by up to 0.34%, Halifax by up to 0.34%, TSB by up to 0.20%, Barclays Mortgage by up to 0.33%, NatWest and RBS by up to 0.14%, HSBC by up to 0.20% and Virgin Money by 0.08%.

Building societies also made a few rate moves this week, those to cut included Scottish Building Society by up to 0.40%, Furness Building Society by up to 0.10%, Leeds Building Society by up to 0.24%, Skipton Building Society by up to 0.18%, Leek Building Society by up to 0.34%, Hinckley & Rugby Building Society by up to 0.15% and Coventry Building Society by up to 0.10%.

A few more lenders reduceD rates such as Gen H by up to 0.21%, The Co-operative Bank by up to 0.20%, Atom Bank by up to 0.20%, Clydesdale Bank by up to 0.15% and MPowered Mortgages by up to 0.14%.

Springall namechecked one deal to hit the market this week – a five-year fixed rate deal from HSBC, priced at 4.50% and available at 90% loan-to-value for house purchase customers. It includes a free valuation and £350 cashback.

“The deal does charge a product fee £999, but this is still a great package for borrowers with a 10% deposit and are looking to minimise the upfront cost of their mortgage,” she said.

She added: “It has been yet another week of mortgage rate cuts at a time where swap rates hover around their 30-day lows and remain under 4%. This will be great news to borrowers hoping to lock into a cheap fixed deal, particularly as there are now more lenders pushing fixed rates below 4%. This is more pressing for those borrowers who are sitting on a standard variable rate.”