The average rate for a three-year fix has slipped by 1 basis point, says Moneyfacts, ending the week at 2.52%.

At the same time, the average rate for a five-year fix fell by the same amount, giving a rate of 2.75%.

For a 10-year fix, the average rate ticked up by 1 basis point, from 2.99% to 3% and the average two-year fix was static at 2.52%.

Two-year fixes

The most significant rate change here took place at 65% LTV, where the average rate dropped 5 basis points, moving from 2.35% to 2.30%.

And at 90% LTV, the average rate fell by 4 basis points, from 3.12% to 3.08%.

Meanwhile, at 95% LTV, the average rate gained a basis point, finishing the week at 3.69%.

Three-year fixes

There were big movements at opposite ends of the LTV scale here this week.

At 95% LTV, the average rate decreased from 3.68% to 3.65% and, at 50% LTV, the average rate fell by 8 basis points, from 2.76% to 2.68%.

Five-year fixes

At 90% LTV, the average rate decreased from 3.45% to 3.41% and, at 80% LTV, the average rate gained a basis point, coming to 2.74%.

And it was at 50% LTV again where sizable action occurred – here the average rate rose from 2.24% to 2.28%.

10-year fixes

There were two big movements in what is usually an extremely quiet category this week.

At 80% LTV, the average rate moved up by 4 basis points, from 2.87% to 2.91% and at 65% LTV, the average rate lose 6 basis points. Here, the average rate ticked down from 2.26% to 2.20%.

Moneyfacts finance expert Eleanor Williams says: “Another busy week for updates in the residential mortgage sector as lenders continue to refresh their ranges.

“Rate reductions are still evident and we recorded some notable cuts from providers such as Virgin Money, which slashed selected fixed rates by up to 0.58%, as well as launching new deals for both purchase and remortgage borrowers while TSB amended a number of products, making rate cuts of up to 0.30%.

“From the mutuals we saw Furness Building Society make reductions of up to 0.40% amongst other updates to its range, while Leeds Building Society cut a selection of its fixed rate deals by up to 0.33%.

“Scottish Building Society refreshed its range of RIO products with the update including rate cuts of up to 0.30%. Adding to the ranks of sub-1% products, NatWest this week launched new ‘Green’ fixed rates for remortgage customers which are available from 0.92% and this week also saw Halifax add a green cashback incentive to its purchase products up to (and including) 85% LTV for qualifying properties.

“At the top end of the loan-to-value tiering, NatWest has amended its Mortgage Guarantee Scheme products to add an incentive of £500 cashback, while elsewhere Saffron Building Society added new deals and also made rate reductions to a couple of its existing products for first-time buyers by as much as 0.40%.”