Average two- and five-year fixed rates remain unchanged from 6 April, at 5.9% and 5.78% respectively.

However, the average two-year fixed rate was at 4.83% at the start of March and the average five-year fixed rate has climbed from 4.95% over the same period.

This week saw an uneasy ceasefire brokered between Iran and the United States, helping to calm financial markets.

Moneyfacts head of consumer finance Adam French said: “The pace of increases has slowed following widespread volatility throughout March, with early signs that rates may be approaching a peak – although the unpredictable nature of events mean that is far from guaranteed.

“A small number of lenders did cut fixed mortgage rates this week prompting the first day since early March that both the two- and five-year average fixed rates fell simultaneously. However, it was only brief respite before they nudged up again and rates remain around 1% higher than they were at the start of March.”

With swap rates are still hovering around 4%, greater clarity around inflation and the future path of the base rate may be needed before a critical mass of lenders make any decisive moves, Moneyfacts added.

As a result, pricing strategies this week are likely to have had more to do with appetite for new business and funding positions.

Product availability is also beginning to recover after March saw widespread product withdrawals.

Several building societies, including Chorley and Marsden, have launched new higher loan-to-value products with added incentives such as cashback, free valuations and legal support, particularly aimed at first-time buyers.

Notable rate changes this week

• April Mortgages– fixed rates reduced by up to 20bps
• AIB (NI)– Fixed rates increased by up to 14bps; cashback incentives enhanced across standard and green ranges
• Chorley Building Society– New fixed rate products launched for first-time buyers and core range (up to 95% LTV) with cashback incentives
• Furness Building Society– New fixed rate ranges launched
• Gen H– Fixed rates reduced by up to 25bps; New Build Boost rate reduced by
• Hodge– Selected Resi Retire fixed rates increased by up to 22bps or reduced by up to 3bps; RIO rates increased (2-year) and reduced (5-year)
• Kensington– Selected fixed rates increased by 10bps
• Mansfield Building Society – Discounted variable rates increased by up to 25bps; new 2-year fixed rates launched; selected variable product withdrawn
• Marsden Building Society– New fixed rate product launched (up to 95% LTV) with incentives including free valuation and legal support
• Penrith Building Society– new fixed rates launched
• Precise– fixed rates increased by up to 45bps; new fixed and tracker rates launched
• Vida Homeloans– Fixed rates reduced by up to 55bps; new fixed rates launched; end dates extended
• Virgin Money– Selected tracker rates increased by 10bps
• West Brom Building Society – Fixed rates increased by 30bps; new fixed rates launched; selected product withdrawn