In a week of falling rates across the board, the average rate for a three-year fix led the charge, losing 34 basis points to come to 6.08%.

Elsewhere, the average rate for a two-year fix dropped 11 basis points, moving to 6.11%, the five-year fix decreased by 8 basis points, to 6.03%, and the 10-year fix moved in the opposite direction, gaining 20 basis points to give an average price of 5.76%.

Two-year fixes

Hopeful first-time buyers may be interested to know that the biggest price drop within this fix was the average rate for a 95% LTV fix, which lost 18 basis points. This takes the rate as of today to 6.37%.

And at 90% LTV, the average rate decreased by 12 basis points, giving a price of 6.22%.

At the other end of the LTV spectrum, at 65% LTV, the average rate fell 23 basis points, to 6.21%.

Three-year fixes

The most eye-catching change by far this week belong to the average rate at 70% LTV within this fix, which tumbled by 143 basis points, to 6.45%.

At 95% LTV, meanwhile, the average rate fell 25 basis points, to 5.86% and, at 60% LTV, the average rate moved downward by 46 basis points, taking it to 6.03%.

Five-year fixes

There were price drops of up to 11 basis points throughout this fix this week.

Of particular note are the rates at 95% LTV, which feel by the aforementioned 11 basis points to 6.09% and the action at 65% LTV, where a 9 basis point drop took the average price to 6.61%.

10-year fixes

While the average price at 90% LTV fell 2 basis points, to 5.91%, there were rises elsewhere.

The most significant was at 60% LTV, which saw a 48 basis point increase, to 5.89%.

And at 75% LTV, the average rate lifted 17 basis points, giving a Friday rate to 5.66%.

Moneyfacts finance expert Rachel Springall says: “This week we saw a large majority of mortgage rate cuts from several lenders taking precedence among the changes processed this week.

“There were more lenders moving to increase their SVRs, which included The Co-operative Bank and Post Office Money, and some base rate trackers saw rises too with Platform and The Co-operative Bank increasing by 0.75%. There was also interestingly some tracker rate reductions from HSBC of up to 0.25% and new trackers launched by TSB and Skipton Building Society.

“However, it appears the overall trend amongst lenders this week has been to revaluate their fixed interest rate pricing, as we saw The Co-operative Bank, Platform, Virgin Money, HSBC and Skipton Building Society move to offer some sub-5% fixed rates to their range.

“Lenders who made notable rate cuts to selected fixed mortgages this week included West Brom BS by up to 0.70%, Newcastle Building Society by up to 0.71%, Principality Building Society by up to 0.50%.

“As the markets digest this week’s Autumn Budget it will be interesting to see how lenders review their fixed rate pricing over the coming weeks as average rates are edging further away from the daily rate peak seen in October.”