This week, the average rate for both the two- and five-year fix fell 13 basis points, to 6.09% and 5.90% respectively, says Moneyfacts.

And the average rate for a three-year fix fell 7 basis points, to 6.08%, while the average rate for a 10-year fix shifted down 4 basis points, to 5.72%.

Two-year fixes

The biggest moves within this fix took place at 75% LTV and 70% LTV, where an 18 basis point fall apiece saw their rates come to 5.99% and 6.02%, respectively.

And at 95% LTV, the average rate slipped 4 basis points, to 6.33%.

Three-year fixes

At 85% LTV, the average rate reduced by 12 basis points, giving an even 6%. This was closely followed by the action at 75% LTV, which saw an 11 basis point slip to 5.88%.

Meanwhile, at 95% LTV, the average rate gained 3 basis points, leaving it at 5.89%.

Five-year fixes

An active week within this fix saw the average rate for a 95% LTV fix cut down by 9 basis points, to 6%.

Bigger changes took place at 80% LTV, which lost 14 basis points to also come to 6%, while at 75% LTV, the average rate fell 16 basis points, to 5.91%.

10-year fixes

The only moves of real significance occurred at 95% LTV, which fell 13 basis points, to 6.09% and at 75% LTV, shedding 9 basis points to 5.57%.

Moneyfacts finance expert Rachel Springall says: “Interest rate cuts have been evident this week, as a variety of lenders moved to reduce their initial fixed rates, seeing the average five-year fixed rate fall below 6% for the first time in seven weeks and the average two-year fixed rate edging ever closer to the 6% mark.

“There were a handful of lenders adjusting the prices of their discounted variable rate mortgages this week, with launches, increases and reductions taking place on several deals.

“As fixed rates appear high against many of these offers, it’s not then too surprising to see this area of the market active. Some lenders also adjusted the pricing on their tracker rate deals, including Yorkshire Building Society which now has the lowest rate two-year base rate tracker deal priced at 3.29%.

“There were also more rate increases to SVRs this week, which included NatWest/RBS, Atom Bank and Generation Home passing on 0.75% and Tipton & Coseley Building Society, Scottish Building Society and Chorley Building Society passing on 0.50%.

“Amid fixed rate repricing, we saw a few deals withdrawn from the market, including 95% LTV fixed offers from Virgin Money. However, there were also a plentiful number of new fixed rate mortgages launched, including Leeds Building Society which has launched a new range of three, five and ten fixed rate products to its range as well as a new 10-year fixed mortgage, which was introduced by Virgin Money.

“The rate cutting trend may well continue in the coming weeks, so it will be interesting to see how low deals are priced considering the end of the year is fast approaching.”