The end of November hosted another week of rate drops across all fixes, shows Moneyfacts data, with the five-year fix showing the largest average reduction, at 11 basis points, taking the rate to 5.79%.

Elsewhere, the average rate for a two-year fix fell 9 basis points, to 6% and the average three-year fix lost 3 basis points, taking its price to 5.98%.

Meanwhile, the average rate for a 10-year fix ticked down by 4 basis points, coming to 5.68%.

Two-year fixes

Significant rate changes could be found at 85% LTV, where the average dropped 10 basis points, to 6.07% and at 65% LTV, which saw a 21 basis point loss, taking it to 6.03%.

However, at 95% LTV, the average rate added 3 basis points, giving a new price of 6.36%.

Three-year fixes

Here, the average rate at 95% LTV went up too – this time by 6 basis points, to 5.95%.

And at 70% LTV, the average rate shifted north by 4 basis points, to 6.49%.

At 85% LTV, a 5 basis point drop took the average rate to 5.95% and, at 65% LTV, the average rate lost 35 basis points, which left it at 6.56%.

Five-year fixes

The most eye-catching change for a higher-LTV bracket took place at 85% LTV, where the average price fell 10 basis points, to 5.73%.

Meanwhile, at 65% LTV, the average price fell 24 basis points, to 6.34%, and at 60% LTV, the average rate fell by 19 basis points, to 5.55%.

10-year fixes

There were minimal changes here this week, with only the 70% LTV average rate dropping by 10 basis points to 5.50% being of note.

Moneyfacts finance expert Rachel Springall comments: “This week, lenders made further cuts to fixed rate mortgages, with only Generation Home, Platform and The Co-operative Bank increasing some selected deals slightly. However, several lenders moved to increase their SVRs, which is not too surprising as one month ends and December begins, with many increasing by 0.75%, the average SVR now stands at 6.40%.

“Echoing the movements from last week, a variety of lenders made notable fixed rate cuts, including a significant 0.72% cut to remortgage deals by Lloyds Bank and Halifax. Principality Building Society cut selected fixed rates by up to 0.70%, TSB cut the rate on its five-year fixed range by up to 0.55% and Coventry Building Society and Monmouthshire Building Society cut selected fixed deals by up to 0.45%.

“Out of some of the biggest lenders, Barclays, HSBC and Santander also made cuts, elsewhere Virgin Money, Atom Bank, Yorkshire and Clydesdale Bank, Generation Home, Skipton Building Society, Nottingham Building Society, and Newcastle Building Society also moved to cut selected deals. It appears lenders are slowly making reductions to their fixed pricing to adjust their positions, and in doing so, the overall average two and five-year fixed rates fell again this week.

“Away from fixed pricing, we noted the continuing trend of lenders repricing or launching discounted variable rate mortgages, with cuts from several building societies, but, some of these deals also experienced rate rises.”