Average mortgage rates have stayed very steady this week, despite a number of providers making reductions to their products.

As Moneyfacts spokesperson James Hyde points out among the most prominent of these were Santander, which slashed selected fixed rate mortgages by up to 0.27%, and TSB which reduced selected fixed rates by up to 0.40%.

Other banks to amend selected fixed rates this week included Halifax, Barclays Mortgage and The Co-operative Bank (all of whom both increased and reduced different options).

Building societies were more active this week, with those to reduce fixed rates including Leeds BS by up to 0.20%, Teachers BS by up to 0.15%, and Monmouthshire BS by up to 0.10%. However, the likes of Principality BS and Newcastle BS increased selected rates, by up to 0.18% and 0.10%, respectively.

There were also a few product withdrawals this week, with Suffolk BS, Leek BS, and Loughborough BS removing products from the market. Meanwhile, Marsden BS added an incentive of a free valuation to their entire mortgage range.

Hyde commented: “With this week’s inflation announcement tempering expectations for an immediate base rate cut, and swap rates having been volatile around the CPI figures and the general election announcement, it remains to be seen how the market will react going forward.”

“Borrowers may need to act quickly to secure a deal that works for them, but they would be wise to seek out independent advice in the first instance.”