The two-year fix led the pack in a week of rate reductions, shows Moneyfacts data, dropping 16 basis points to land at 5.84%.

The three-year fix wasn’t far behind, losing 13 basis points, coming to 5.85%, and the five-year fix dropped 12 basis points, to 5.67%.

Meanwhile, the average rate for a 10-year fix fell by 8 basis points, taking it to 5.60%.

Two-year fixes

At 95% LTV, the average rate dropped 18 basis points, which took it to 6.18%.

There was significant movement at 80% LTV, too, where the average rate fell 14 basis points to 6.01%.

And at 60% LTV, the average rate moved the most within this fix, shedding 24 basis points to come to 5.49%.

Three-year fixes

The biggest change within this fix took place at 60% LTV as well, where a 23 basis point drop took the average rate to 5.72%, and there was another major change at 75% LTV, which saw its average rate fall 15 basis points, to 5.69%.

At 65% LTV, meanwhile, the average rate ticked up 1 basis point, to 6.57%.

Five-year fixes

There were big changes at the top end of this fix, too – at 95% LTV, the average rate dropped 11 basis points, to 5.88% and, at 90% LTV, it fell by 15 basis points, to 5.61%.

Things reversed at 65% LTV, though, where the average rate moved up 14 basis points, to 6.48%.

10-year fixes

An unusually active week within the long-term fix saw the average rate at 85% LTV push up 37 basis points, to 5.65%.

Conditions were more in tune with the rest of the market at 75% LTV, however, where the average rate fell 30 basis points, to 5.21% and at 60% LTV, which saw its average rate drop 20 basis points to finish the week at 5.63%.

Moneyfacts finance expert Eleanor Williams says: “The number of mortgages available to new borrowers has improved this week as various lenders launched some competitive products into the market, including Skipton Building Society with the addition of some eye-catching ‘Limited Edition’ deals to its range.

“From the mutuals, Furness Building Society, Nottingham Building Society and Saffron Building Society were amongst those to add new products to their offerings. Vida Homeloans – who also reduced its fixed rates by up to 0.70% – added two-year variable rate deals to its residential range, and MPowered Mortgages were another provider to combine rate cuts – in this case of up to 0.40% – while also launching products, in this case adding new three-year and 10-year fixed rate options.

“One of the main trends continues to be rate re-pricing, which saw the average overall two-year fixed rate join its five-year equivalent to sit below 6% again.  Many of the big brands have made significant rate cuts in recent days; Halifax led the charge, slashing up to 1.22% from its fixed rate deals as well as introducing some new products.

“Both Barclays Mortgage and the NatWest group made reductions of up to 0.76% across selected fixed rates. Lloyds Bank have made a couple of updates to its residential range this week, the first of which saw house purchase products cut by 0.50%, the second of which saw remortgage products cut by up to 0.71% and also selected purchase deals by up to 0.11%. TSB made reductions of up to 0.30% across some of its fixed rates, first direct of up to 0.25%, and HSBC tweaked some of its fixed rates with cuts of up to 0.15%.

“Elsewhere we are continuing to see increases to Standard Variable Rates. Saffron Building Society applied a 1% increase, Metro Bank and Newbury Building Society increased their SVR’s by 0.75%, while Teachers Building Society and Buckinghamshire Building Society both increased theirs by 0.50%.”