All average fixed mortgages rates bar the 10-year fix rose this week, show figures from Moneyfacts.
The average two-year fix gained 2 basis points, ending the week at 2.57%, the average three-year fix increased by 1 basis point to 2.70% and the average five-year fix went up 1 basis point to 2.80%.
Meanwhile, the 10-year dropped 2 basis points, going from 3% to 2.98%.
However, despite headline figures gaining, within each fix that did so, the biggest single changes were rate falls.
Two-year fixes
There was a significant change at the upper end of the LTV categories here – at 95% LTV, the average rate tumbled from 4.19% to 4.02%.
Elsewhere, the average 70% LTV fixed rate shed 7 basis points to end at 2.34% and the average 65% LTV rate dropped from 2.22% to 2.19%.
Three-year fixes
The biggest rate changes were at either end within this fix – at 95% LTV the average rate dropped from 4.08% to 4.05% and, at 60% LTV, from 1.93% to 1.90%.
Five-year fixes
Again, one of the larger drops inside this fix was at 95% LTV – where the average rate decreased from 4.20% to 4.17%.
The most significant change was at 70% LTV, however, which saw its average rate lose 5 basis points, moving from 2.60% to 2.55%.
And at 60% LTV, the average rate went from 1.87% to 1.83%.
10-year fixes
At 2.75% LTV, the average rate nudged up from 2.80% to 2.81%.
Moneyfacts finance expert Eleanor Williams says: “News in the residential mortgage sector this week has been dominated by the return of 95% LTV products, as Lloyds Bank and Halifax, NatWest/RBS, Barclays Mortgage, HSBC and Santander have launched deals under the government-backed mortgage guarantee scheme.
“Choice in this lending tier has been further expanded as lenders outside of the scheme, such as Metro Bank, Yorkshire Building Society and Leeds Building Society, have also launched 95% LTV deals.
“Elsewhere, product re-pricing continues; Foundation Home Loans has refreshed its range, including selected rate cuts of up to a notable 1.10%, while Yorkshire Bank and Furness Building Society both applied reductions of up to 0.30% to selected deals.
“Hodge also made a variety of changes, including updates to various 50+ and RIO products. While changes continue to be made with such regularity, prospective borrowers would be wise to seek independent financial advice to go through their options before they commit.”
