The average rate for a two-year fix shed 3 basis points to end the week at 2.49%, fresh data from Moneyfacts shows.

This was not the only fall in what turned out to be a busy week: the average three-year fix lost 4 basis points, going from 2.52% to 2.48% and the average five-year fix fell as well – decreasing from 2.75% to 2.72%.

Alongside this, the average rate for a 10-year fix ticked downward by 1 point, moving to 2.99%.

Two-year fixes

There were a host of changes within the upper LTV brackets this week.

At 95% LTV, the average rate lost 5 basis points, shifting from 3.69% to 3.64% and at 90% LTV, a drop of 6 basis points saw the average rate come to 3.02%.

Meanwhile, at 85% LTV, the average rate fell by 7 basis points to go from 2.78% to 2.71%.

However, the most significant change within this fix occurred at 65% LTV, where the average rate tumbled by 17 basis points – from 2.30% to 2.47%.

Three-year fixes

There was movement at the upper end here, too. At 95% LTV, the average rate dropped 5 basis points, from 3.64% to 3.59%.

A fall of 5 basis points took place at 80% LTV too, where the average rate went from 2.44% to 2.39%.

And at 70% LTV, the average rate plummeted by 3 basis points, from 2.48% on Friday 30 June to 2.45% today.

Five-year fixes

Here a noteworthy change took place at 95% LTV too – the rate dropped from 3.93% to 3.88%.

It was at 65% LTV where the biggest change of the week happened, though: a 20 basis point fall saw its average rate land at 2.58%.

At 70% LTV, a 9 basis point fall saw the average rate go from 2.52% to 2.43%.

10-year fixes

There was one change here this week – at 60% LTV, the average rate slid from 2.50% to 2.49%.

Moneyfacts finance expert Eleanor Williams comments: “The mortgage rate war seems to have continued in earnest this week as we recorded significant rate cuts being made by various providers, fuelling drops in the overall average fixed rates.

“Principality Building Society made reductions to a variety of its fixed rates, including slashing a selection of deals at 90% LTV by as much as 0.70%. Both TSB and Lloyds Bank made reductions of up to 0.60%, while Platform cut some rates by up to 0.43%, as well as launching a number of new fixed rate deals.

“Skipton Building Society balanced a handful of rate increases of up to 0.04% with rate cuts of up to 0.49% and introduced a number of new products to its range, included a couple of ‘large loan’ options.

“Those looking for deals who have a smaller level of deposit or equity may wish to note that HSBC focused their update this week on the higher LTV brackets, making cuts of 0.10% on fixed rates at 85% and 95% LTV and of 0.20% on those at 90%.

“Leek United Building Society launched a number of new products, including at 95% and Leeds Building Society also expanded its options for those with a 5% deposit, as well as introducing green fixed rates to its range.