The typical two-year fix fell 3bps to 5.59%, from 5.62% last week, while the average five-year fix fell 3bps to 5.56%.

The mortgage type to see the largest average cut this week was two-year fixes to 50% LTV, down 7bps to 5.13%.

No type of mortgage saw prices raised this week, with prices either staying flat or falling.

Moneyfacts head of consumer finance Adam French said: “Many lenders trimmed mortgage pricing this week as funding costs continue to soften following an easing of tensions in the Middle East, below-expectation inflation figures and the widely anticipated decision to hold the base rate.

“Although, swap rates crept up a little on Friday morning following the results of the Makerfield by-election and the renewed prospect of domestic political upheaval.

“While several lenders chose to refresh their ranges by withdrawing older, higher-priced products and replacing them with deals at lower rates, a few big lenders made some notable moves.

“Nationwide Building Society cut selected fixed rates by up to 28bps, Barclays reduced selected fixed rates for house purchases by up to 37bps and Santander made a mix of cuts, hikes and product launches.”

Notable mortgage changes

Rate changes

• April Mortgages – Fixed rates reduced by 10bps.
• Atom Bank – Prime fixed rates reduced by 15bps.
• Barclays – Selected house purchase fixed rates reduced by up to 37bps.
• Dudley Building Society – Discounted variable rates reduced by up to 90bps; fixed rates reduced by up to 110bps; selected fees increased.
• Foundation Home Loans – Selected fixed rates reduced by up to 25bps.
• Furness Building Society – Discounted variable rates increased by up to 34bps; two-year remortgage fixed rates increased by up to 35bps.
• Gen H – Selected fixed rates reduced by up to 20bps.
• Kensington Mortgages – Residential Select fixed rates reduced by up to 30bps.
• Leek Building Society – Selected fixed rates reduced by between 18bps and 30bps.
• Nationwide Building Society – Selected fixed rates reduced by up to 28bps.
• Newcastle Building Society – Tracker rates reduced by 10bps; selected fixed rates reduced by up to 10bps.
• Santander – Selected tracker rates reduced by up to 18bps; fixed rates reduced by up to 15bps, although some products increased by 11bps; fees and lending limits amended.
• Skipton Building Society – Tracker rates reduced by up to 22bps and selected fixed rates reduced by up to 14bps.
• Vida Homeloans – Selected fixed rates reduced by up to 10bps or increased by 10bps.
• Virgin Money – Selected fixed rates reduced by up to 22bps.
• West Brom Building Society – Selected fixed rates reduced by up to 44bps; end dates extended.
• Yorkshire Building Society – Selected fixed rates reduced by up to 27bps, although some products increased by 4bps.

Product launches, withdrawals and other changes

• Bank of Ireland Intermediaries – Two fixed rate products withdrawn.
• Barclays – New offset tracker and Premier tracker launched; existing Premier tracker withdrawn.
• Clydesdale – Product end dates extended by one month.
• Furness Building Society – Two-year house purchase fixed rate withdrawn.
• Gatehouse Bank – Existing range withdrawn and replaced with Limited Edition fixed rates from 5.68% (two-year) and 5.63% (five-year); Green products launched at rates 10bps lower.
• Hanley Economic Building Society – RIO discounted variable product withdrawn.
• Hinckley & Rugby Building Society – New discounted variable mortgage launched; new Skilled Worker Visa fixed rates introduced at up to 95% LTV.
• Kensington Mortgages – One Residential Select five-year product withdrawn.
• Leeds Building Society – Multiple first-time buyer, second-time buyer and Reach products withdrawn.
• Newcastle Building Society – New tracker products launched from 4.25%; new fixed rates launched from 4.80% for two- and five-year terms.
• Santander – End dates extended by one month; new first-time buyer tracker products launched from 4.18%; new fixed rates launched from 4.55%-5.02% across two-, three-, five- and ten-year terms.
• Scottish Building Society – Lending area expanded to cover all of Great Britain.
• Suffolk Building Society – New fixed rate range launched from 5.75% for two years and 5.69% for five years.
• West Brom Building Society – New five-year products launched from 5.05%; several existing five-year products withdrawn.
• Yorkshire Building Society – Several higher-rate products withdrawn.