The average rate for a 10-year fix fell by 4 basis points to finish the week at 2.97%, shows new data from Moneyfacts.

Alongside this, the average rate for a two-year fix crept up by a single basis point, to 2.38%.

Meanwhile, the average rates for a three- and five-year fix stayed put, at 2.33% and 3.83%, respectively.

Two-year fixes

The average rate at most LTVs ticked up by 1 basis point this week.

At 95% LTV there was slightly more action – the average rate dropped by 2 basis points to 3.06%, while at 65% LTV, the average rate lost a basis point to come to 2.68%.

Three-year fixes

There were only two changes of any real significance here. At 90% LTV, the average rate fell by 1 basis point to 2.64% and, at 65% LTV, the average rate flew up by 11 basis points, going from 2.35% to 2.46%.

Five-year fixes

At 95% LTV, the average rate slipped by 3 basis points, to 3.34%, which was the biggest change within this fix.

Elsewhere, movement was limited to a maximum of 2 basis points in either direction.

10-year fixes

There were three eye-catching rate changes here this week. From the biggest to the smallest: At 75% LTV, the average rate dropped 8 basis points to 2.57%, at 60% LTV, the average rate lost 6 basis points to 2.33%, and at 80% LTV, the average rate slipped 3 basis points to come to 2.84%.

Moneyfacts finance expert Eleanor Williams says: “The Bank of England’s decision to increase base rate yesterday is already having an impact in the residential mortgage sector where Barclays, HSBC, first direct and NatWest Intermediary Solutions are among the early providers to have applied 0.15% rate increases to variable tracker rate deals, while Skipton Building Society and Yorkshire Building Society have withdrawn their variable tracker products.

“It was a slightly quieter week in the run up to yesterday’s announcement, but we also saw various providers make updates which balanced both rate reductions and increases on a selection of products within their ranges; Yorkshire Bank made cuts of up to 0.30% across selected fixed rates while applying rises of up to 0.10% on others, as did TSB, which dropped some initial rates by up to 0.20% and increased others by up to 0.15%, as well as launching various new products and withdrawing a few first-time buyer deals.

“Santander refreshed their range with some rates increasing by up to 0.14% as others fell by up to 0.11%, and the NatWest Group where reductions of up to 0.25% were made alongside other products rising by up to 0.10%. Principality Building Society has also re-priced rates, with some fixed products increasing by up to 0.38% or reducing by up to 0.20%.

“Elsewhere, Halifax made cuts of up to 0.34% on some fixed rate deals this week, and Lloyds Bank reduced a handful of deals for remortgage customers, cutting these by up to 0.35%.

“Providers also continue to amend criteria around maximum advances and income multiples and maximum loan amounts.”