There was no movement in average mortgage rates this week for two, three and five-year fixes, as lenders repricing deals both upwards and downwards cancelled each other out.

Moneyfacts’ weekly ratewatch data show the average two-year fixed rate held steady at 4.98% the three-year rate at 4.87% and five-year fixed rate at 5.02%, unchanged from a week ago.

There were minor fluctuations within certain loan-to-value tiers but the overall averages across all LTVs held steady, according to Moneyfacts’ figures.

The only substantial drop was of 11 basis points in the average three-year fixed at 100% LTV, which fell from 4.55% to 4.44%, but as this is a niche product type this might have been the result of a single lender making changes.

The next most substantial change was to average five-year fixes at 70% LTV, which came down by 4bps to 5.04%, but three-year fixes in the same LTV tier edged up by 3bps to 5.05%.

The only other movements were by 1 or 2bps upwards or downwards.

Moneyfactscompare.co.uk finance expert Rachel Springall says: “There has been a mixture of fixed rate cuts and increases from a variety of lenders this week.

“The prominent brands to tweak selected fixed rates this week included Santander cut by up to 19bps and increased by up to 10bps, TSB cut by up to 15bps, Barclays cut by up to 10bps, Virgin Money cut by up to 34bps, NatWest cut by up to 20bps and increased by up to 11bps, Lloyds Bank cut by up to 14bps and increased by up to 11bps and Halifax cut by up to 14bps and increased by up to 11bps.

“Out of the building societies to make rate moves this week, Nottingham Building Society cut by up to 23bps, Principality Building Society cut by up to 8bps and increased by up to 11bps.

“In contrast, Leek Building Society increased by up to 5bps.

“Not to go unnoticed, April Mortgages increased by up to 30bps, MPowered Mortgages increased by up to 13bps, The Co-operative Bank for Intermediaries increased by up to 14bps and Gen H cut by up to 12bps and increased by up to 10bps.

“One attractive deal to grab a chart-worthy position this week is the two-year fixed rate mortgage from Barclays, priced at 4.85% and available at 95% loan-to-value for first-time buyers.

“It includes a free valuation and does not charge a product fee.”

Springall adds: “In a somewhat subdued week for the mortgage market, it is clear from the latest rate moves that lenders are keeping their ranges fresh by repricing, but they are not really making significant rate cuts.

“Overall, it seems lenders are acting cautiously not to move their margins too far, which is to be expected when swap rates have been hovering around 30-day highs.”