Moneyfacts said the average two-year fixed rate is now 4.83%, compared to 4.82% in Moneyfact’s last Rate Watch.

The typical five-year fixed rate is now 4.91%, an increase of 10bps from 4.9% in December 2025.

This week saw 10bps cuts to average five-year fixes up to 65%, 80% and 95% LTV, and 10bps increases to two-year fixes to 75% and 85% LTV, five-year fixes to 85% LTV and 10-year fixes to 75% LTV.

The lenders making rate changes this week were:

• Leeds Building Society: Selected fixed-rate mortgages reduced by up to 20bps and new deals for first-time buyers. • Accord Mortgages: Selected fixed-rate mortgages increased by up to 18bps or reduced by up to 16bps. • Yorkshire Building Society: Selected fixed mortgages withdrawn. • Coventry Building Society: Selected fixed-rate mortgages reduced by up to 30bps

Moneyfacts finance expert Rachel Springall said: “Unsurprisingly, it’s been a quiet period for the mortgage market this week, but it is an ideal time for borrowers to review their deal and prepare themselves if they are due to refinance soon. Those who are going to refinance with their existing lender might want to double check the rates on offer, as there were some decent cuts in December.

“To start of the New Year, Leeds Building Society pushed out some attractive deals, such as those for first-time buyers. As affordability remains a key issue for borrowers, it’s great to see rates reduced, particularly for those who only have a small deposit, it can make a huge difference.”