There was only the hint of a change in average fixed rates this week, with the most significant across all LTVs being a tight drop in the average two-year rate, small enough to keep it rangebound within 2.42 per cent.

This was fuelled by a more obvious movement in the 95 per cent LTV bracket, with the average rate falling from 3.26 per cent to 3.25 per cent over the week, and in the 85 per cent LTV range, from 2.50 per cent to 2.49 per cent.

In the 70 per cent LTV bracket, however, the average two-year fixed rate nudged upward from 2.51 per cent to 2.52 per cent.

The average fix for a three-year rate remained at 2.52 per cent, but there was also plenty of movement within this.

The average rate in the 80 per cent LTV set of products ticked upward from 2.39 per cent to 2.40 per cent, while in the 60 per cent grouping, there was a large swing, from 2.11 per cent to 2.14 per cent. Meanwhile, rates in the 65 per cent LTV range dropped slightly, from 1.70 per cent to 1.69 per cent.

There was plenty of movement in the various LTV breakdowns for five-year average fixes, too. The average across all LTVs stuck at 2.74 per cent, but within the 85 per cent LTV bracket rates dropped from 2.82 per cent to 2.81 per cent, in the 75 per cent LTV, from 2.57 per cent to 2.56 per cent, an din the 65 per cent LTV bracket, from 2.24 per cent to 2.23 per cent.

Meanwhile, in the 60 per cent bracket, the average five-year fix rate grew from 2.11 per cent to 2.12 per cent.

The 10-year average fix remained at 2.27 per cent. The only movement was in the 85 per cent LTV set of products, where the average rate went up from 2.72 per cent to 2.73 per cent, and in the 80 per cent LTV group, where rates fell from 2.89 per cent to 2.88 per cent.

Moneyfacts finance expert Eleanor Williams says: “A variety of changes were seen across the mortgage market this week. Notably, Lloyds Bank who have made reductions to a selection of its two and five-year fixed rate deals for remortgage customers, with some rates being cut by up to 0.13 per cent. Barclays Mortgage also made amendments to a number of its products, with rates both increasing and decreasing across a selection of its fixed rate products and other criteria changes also being applied.

“Indeed, a number of providers have made changes to their incentive packages recently, and so consumers would be wise to check the overall true cost of any new deal they are considering – balancing the initial rate, any fee charged and any incentives they may benefit from.

“With the average two-year rate taking a small drop this week, borrowers may find that this is a good time to consider their options.”