The average two-year fix fell by 0.03% from last week to a current average of 5.11%, while three-year fixes also dropped by an average of 0.02% to 5.03% this week.

 Meanwhile, five-year fixes dipped an average of 0.02% across all LTVs to 5.08%, compared to last week when they were unchanged from the week prior.

However, 10-year fixes were unchanged, remaining at an average rate of 5.47%.

 Larger brands to reduce select fixed rates include NatWest and RBS, who dropped rates by up to 0.13%, Virgin Money and Santander who made cuts of up to 0.18% and and Barclays who reduced rates by as much as 0.19%.

Building societies also dropped rates this week, with Newcastle Building Societiy making cuts of up to 0.32%, Progressive Building Society by up to 0.49%, Leek by up to 0.33%, Darlington by up to 0.35% and West Brom by up to 0.25%.  Skipton cut rates  by up to 0.20% but also increased some rates by up to 0.07%.

Nottingham Building Society increased selected fixed rates by up to 0.20%.

Further lenders that moved to reduce rates inlcuded The Co-operative Bank for intermediaries by up to 0.32%, Hodge by up to 0.22%, Clydesdale Bank by up to 0.25%, United Trust Bank by up to 0.20%, Vida Homeloans by up to 0.45%, MPowered Mortgages by up to 0.09% and Accord Mortgages by up to 0.24%.

Moneyfacts finance expert Rachel Springall says: “It was a positive week for borrowers to see a continuation of fixed rate cuts by lenders.

“However, whether the pace continues is debatable due to a slight uptick in swap rates over the past week. This has seen the two- and five-year swap rates move further away from their 30-day lows.

“In the aftermath of last week’s 0.25% base rate cut, several lenders have passed on reductions to tracker mortgages and revert rates. Borrowers seeking a new deal would be wise to explore the array of options with a broker, as there are still may low-rate deals grabbing the headlines.”