The average rate for a two- and three-year fix dropped this week, data from Moneyfacts shows, but at a slower rate than in previous weeks.

For a two-year fix, the average rate slipped from 2.27% to 2.25% and for a three-year fix, from 2.32% to 2.31%.

Meanwhile, the average rate for a five-year fix stayed at 2.55% and, for a 10-year fix, at 2.99%.

Two-year fixes

The biggest changes  here this week were at 90% LTV, where the average rate dropped 5 basis points to 2.56% and at 85% LTV and 80% LTV, which each fell 4 basis points to end the week and 2.38% at 2.33%, respectively.

At 95% LTV, the average rate decreased slightly, from 3.34% to 3.32%.

Three-year fixes

There was only movement of any significance within this fix – at 95% LTV, the average rate fell from 3.33% to 3.30%.

Elsewhere, rate changes were limited to a loss of 1 basis point.

Five-year fixes

Despite the headline rate not moving at the five-year fix, there was some choppiness within it.

At 95% LTV%, the average rate lost 2 basis points, coming to 3.63% and, at 90% LTV, a 3 basis point drop saw the rate come to 3.05%.

At 80% LTV, the rate fell 2 basis points, moving to 2.56%.

10-year fixes

The data shows two changes here this week – at 75% LTV, the average rate dropped a single basis point to finish the week at 2.78% and, at 60% LTV, a 2 basis point drop left the average price at 2.47%.

Moneyfacts finance expert Rachel Springall comments: “Fixed rate reductions took prevalence within the mortgage market this week across various LTV tiers. Santander reduced a selection of fixed rates by up to 0.36% and Halifax reduced a selection of its own fixed direct rates by up to 0.35%.

“Cumberland Building Society reduced fixed rates by up to 0.55%, Clydesdale Bank reduced selected fixed rates by up to 0.51% via intermediaries and by up to 0.61% via direct business and Yorkshire Bank reduced rates by up to 0.61%.

“Platform reviewed its range and reduced rates up to 0.36% and RBS reduced rates up to 0.23%. Aldermore reduced rates by up to 0.30% and Accord Mortgages reduced selected fixed rates by up to 0.19%.

“Nationwide also joined the reduction trend, with selected fixed rates for house purchase reduced by up to 0.16%. Saffron Building Society reduced fixed rates by up to 0.40%, Cambridge Building Society made fixed rate cuts of up to 0.50% and Newcastle Building Society made a few reductions of up to 0.15%.

“At higher LTV tiers, Halifax via intermediaries and Lloyds Bank direct reduced rates at 80% and 85% for remortgage customers up to 0.28% and Monmouthshire Building Society launched a new 80% LTV five-year fixed deal priced at 1.79%.

“NatWest made a selection of fixed rate reductions of up to 0.23% and launched a new ‘green’ two-year fixed mortgage priced at 1.56% at 85% LTV. Leek United Building Society replaced a couple of its two and five-year fixed rates at 90% LTV with lower rate deals and Clydesdale Bank launched new 90% LTV fixed deals too.

“Finally, for borrowers with just a 5% deposit, Hanley Economic Building Society launched a new two-year fixed deal priced at 3.39% at 95% LTV via selected intermediaries.”