The average two-year fix dropped from 2.53 per cent to 2.52 per cent in what was a busy week for rate changes, Moneyfacts data shows.

The average three-year fix stayed at 2.75 per cent and the average 10-year fix at 2.85 per cent throughout the week, while the average five-year fix dropped 2 basis points to arrive at 2.69 per cent.

Two-year fixes

At 95 per cent LTV, the average rate dropped by a significant 45 basis points, going from 4.44 per cent to 3.99 per cent.

The next biggest moves were changes of 4 basis points and we as follows: at 80 per cent LTV the average rate fell to 2.68 per cent, at 75 per cent LTV it dropped to 2.25 per cent, and at 60 per cent LTV the average rate decreased to 1.68 per cent.

At 50 per cent LTV, the average fixed rate moved up, from 2.06 per cent to 2.10 per cent.

Three-year fixes

The largest change here was a fall of 7 basis points – the average rate at 80 per cent LTV moved from 2.87 per cent to 2.80 per cent.

At 90 per cent LTV, meanwhile, the average rate dropped from 3.58 per cent to 3.52 per cent.

Elsewhere, changes were minimal.

Five-year fixes

Here, at 70 per cent LTV, the average rate decreased from 2.74 per cent to 2.66 per cent.

As within the two-year fixes, there were also multiple falls of the same number of basis points – 5 this time, and as follows:

At 90 per cent LTV the average rate fell to 3.74 per cent, at 80 per cent LTV to 2.81 per cent, at 75 per cent LTV to 2.33 per cent and, at 60 per cent LTV, to 1.92 per cent.

The 50 per cent LTV average rate gained 5 basis points to land at 2.55 per cent.

10-year fixes

There were zero rate changes within this fix this week.

Moneyfacts finance expert Eleanor Williams says: “There has been further re-pricing activity in the residential mortgage sector this week. Notably, NatWest and Royal Bank of Scotland slashed up to 1.18 per cent from selected deals, while Chelsea Building Society cut a selection of its fixed rate deals by up to 0.51 per cent and Newcastle Building Society reduced a handful of products by up 0.60 per cent.

“This could be an indication of lender confidence and may be a sign that competition is returning to the sector. Improvements in availability at 90 per cent LTV have also continued to be made, with this week seeing Santander and Leeds Building Society launching new deals in this bracket and Yorkshire Building Society reducing rates on its offerings in this LTV tier by 0.25 per cent.

“This is positive news for those hoping to secure a competitive new mortgage with a lower level of deposit or equity.”