The average rate for a three-year fixed rate mortgage dipped by 9 basis points to end the week at 2.66 per cent, shows Moneyfacts data.
Meanwhile, the average two-year fix gained 1 basis point, going from 2.54 per cent to 2.55 per cent, the average five-year fix grew by 2 basis points, moving from 2.72 per cent to 2.74 per cent, and the average 10-year fix stayed still at 2.85 per cent.
Two-year fixes
The biggest change within this fix took place at 75 per cent LTV, where the average rate gained 4 basis points, moving from 2.25 per cent to 2.29 per cent and at 80 per cent LTV, the rate ticked up from 2.68 per cent to 2.71 per cent.
At 70 per cent LTV, however, the average rate shed 3 basis points to finish the week at 2.45 per cent.
Three-year fixes
The most significant change of the week occurred here – at 60 per cent LTV the average rate fell from 2.21 per cent to 1.99 per cent – a 22 basis point gap.
At 80 per cent LTV, the average rate lost 9 basis points, moving from 2.78 per cent to 2.69 per cent, and at 75 per cent LTV the average rate fell from 2.25 per cent to 2.19 per cent.
Five-year fixes
It was quiet this here week, with the biggest change happening at 95 per cent LTV, where the average rate moved up from 3.69 per cent to 3.75 per cent.
At 75 per cent LTV, meanwhile, the average rate grew by 4 basis points, ending the week at 2.49 per cent.
10-year fixes
The only change within the 10-year fix this week occurred at 75 per cent, where the average rate nudged downwards, from 2.76 per cent to 2.5 per cent.
Moneyfacts finance expert Eleanor Williams says: “Product choice for would-be borrowers increased further this week, with providers including TSB, Accord, and a number of the mutuals adding more new deals to their ranges.
“Some other changes of note included an update from Yorkshire Building Society, which included selected fixed rate reductions of up to 0.19 per cent and also various amendments to its offset deals.
“Reliance Bank updated its residential mortgage offerings, including expanding its Key Worker range while another update came from Barclays Mortgage where, amongst various rate reductions of up to 0.24 per cent, its ‘Springboard’ fixed rates have been increased by 0.20 per cent.
“With so much activity continuing in the sector, it may be wise for any prospective borrower to speak with an independent financial advisor to go through their options.”
