The average two-, three- and five-year mortgage fixed rates fell this week while the average rate on a 10-year fix stayed still shows new data from Moneyfacts.
The average two-year fix dropped by 1 basis point to 2.58%, the average three-year fix by 3 basis points to 2.73%, and the average five-year fix by 1 basis point to 2.81%.
Meanwhile, the average 10-year fix rate stayed at 2.99%.
Two-year fixes
At 95% LTV the average rate dropped from 3.87% to 3.86% and at 90% LTV, from 3.36% to 3.33%.
Rate drops of 1 to 2 basis points occurred elsewhere, while at 65% LTV the average rate gained 3 points, ending the week at 2.24%.
Three-year fixes
Here, there was a significant change at 85% LTV, where the average rate fell from 2.98% to 2.91%.
And at 80% LTV, the average rate lost 4 basis points, moving from 2.63% to 2.59%.
At 95% LTV, meanwhile, the average rate shed 1 basis point to finish at 3.96%.
Five-year fixes
There was no big shift in rates within this fix this week, with changes limited to moves of 2 basis points.
At 95% LTV, the average rate dipped slightly, going from 4.06% to 4.05% and at 90% LTV, the average rate fell from 3.62% to 3.60%.
10-year fixes
There were no changes here this week.
Moneyfacts finance expert Eleanor Williams comments: “Product choice has improved further this week as lenders continue to update their ranges and launch propositions to entice borrowers. Rate amendments continue to be made with updates from providers such as Barclays Mortgage, which made some significant reductions of up to 0.41% across a selection of products while also launching a handful of new deals.
“Cumberland Building Society also cut several of its fixed rate products by up to 0.31% and introduced various new deals this week.
“At the upper end of the LTV spectrum, we saw a number of the building societies including Newcastle Building Society, Nottingham Building Society and West Brom Building Society all launch new products at 95% LTV, while Skipton Building Society also made some notable changes to its offerings in this top tier, including a cut of 0.25% on its five-year fixed option and an update to the incentive package.”
