There was a degree of optimism across the mortgage market this week, with lenders lowering fixed rates and reviewing lending rules.

However, as Moneyfacts finance expert Rachel Springall points out, there were fewer brands cutting rates compared to a week prior.

There was a weekly fall of just 0.01% to both the average two- and five-year fixed rates, now sat at 5.04% and 5.02%, respectively.

The major lenders to reduce selected fixed rates this week included Santander by up to 0.23%, first direct by up to 0.20%, Barclays Mortgage by up to 0.13%, Lloyds Bank by up to 0.10% and Halifax by up to 0.10%.

Building societies made a few rate moves this week, those to reduce rates included Furness Building Society by up to 0.30%, Scottish Building Society by up to 0.30%, West Brom Building Society by up to 0.28% and Coventry Building Society by up to 0.16%.

There were a few more lenders to cut rates, such as LiveMore Capital by up to 0.21%, Gen H by up to 0.10% and Foundation Home Loans by up to 0.50%. However, Accord increased rates by up to 0.20%, as did Hodge by up to 0.24% on its ‘resi retire’ range.

According to Springall one of the eye-catching deals to hit the market this week was a two-year fixed rate deal from Santander, priced at 4.04% and available at 85% loan-to-value for home movers, it includes a free valuation, £250 cashback, and charges a fee of £999.

She added: “It is promising to see another week where fixed rate mortgage cuts take precedence, a momentum that buyers will hope continues further over the summer. The good news is that swap rates had been on the downward trend over recent weeks, to 30-day lows, but there have slightly risen in recent days.

“It can take a couple of weeks for lenders to follow the path of these moves, so there is still a general expectation for prices to come down in the short-term.”