There was no change in average two and five-year fixed rates for the second consecutive week, according to the latest rate watch data from Moneyfacts.
Two-year fixed rates remained at 5.13% and five-year fixes at 5.1%
Even within different loan-to-value tiers there was very little movement, with averages increasing or decreasing by only 1 or 2 basis points.
Only 10-year fixed rates saw any significant change, with the average across all LTVs jumping by 17 basis points to 5.65% over the week.
Moneyfacts spokesperson Caitlyn Eastell says: “There has been a notable lull in mortgage activity this week and many lenders have done a mixture of rate rises, cuts, launches, and withdrawals.
“The prominent brands to reduce selected fixed rates this week included Royal Bank of Scotland and NatWest by up to 30 bps and TSB by up to 15 bps.
“Those to move in the opposite direction included Barclays Mortgage by up to 24 bps and TSB by up to 10 bps.
“Building societies made a few rate moves this week.
“Those to reduce included Principality Building Society by up to 17 bps, Tipton & Coseley Building Society by up to 25 bps, Progressive Building Society by up to 25 bps, Monmouthshire Building Society and Newcastle Building Society also reduced specific fixed rate deals by up to 15 bps and 18 bps respectively, West Brom Building Society reduced fixed rates for house purchase customers by up to 8 bps and new build rates by up to 23 bps.
“Building Societies to increase included Leek Building Society by up to 5 bps, Leeds Building Society by up to 20 bps, Darlington Building Society by up to 30 bps, Progressive Building Society by up to 27 bps and Skipton Building Society by up to 15 bps.
“A few more lenders moved to increase rates such as Foundation Home Loans by up to 20 bps and Atom Bank by up to 10 bps.
“One of the eye-catching deals to hit the market this week was a three-year fixed rate deal from Barclays Mortgage, priced at 4.54 bps and available at 90% loan-to-value for home buyers.
“There is a £899 product fee, but this is offset by its free valuation incentive.
“Mortgage rates are continuing a downward trajectory, albeit at a slower pace and smaller margins despite last month’s cut to base rate.
“There has been some volatility with swap rates and could explain why lenders are moving rates in the opposite direction, but they are currently sat just below their 30-day lows, so it is possible to see rates drop in the coming weeks.”
Separate data from Moneyfacts showed a slower pace of rate cuts this month compared to last.
