Average two-, five-, and 10-year fixed rates fell this week while the three-year fixed rate gained slightly.

The two-year fix moved from 2.57% to 2.56%, the five-year fix from 2.80% to 2.78%, and the average 10-year fix from 2.98% to 2.97%

The average three-year fix, meanwhile, ticked up from 2.70% to 2.72%.

Two-year fixes

There was little movement within this fix this week.

The most significant occurred at 75% LTV, where the average rate dropped from 2.21% to 2.18% and at 70% LTV, which saw the average rate fall also – from 2.34% to 2.32%.

Three-year fixes

The biggest movement of the week happened here – at 75% LTV the average rate grew from 2.09% to 2.21%.

And at 80% LTV, the average rate increased by 4 basis points, going from 2.58% to 2.62%.

Five-year fixes

At 75% LTV, the average rate shed 3 basis points, going from 2.43% to 2.40%.

And at 70% LTV the average rate dropped from 2.55% to 2.53%. A 2 basis point drop occurred at 85% LTV too, where the average rate fell from 3.16% to 3.14%.

10-year fixes

There was only slight change within the longer fix this time around: at 80% LTV and 75% LTV average rates dropped 1 basis point apiece, finishing the week at 2.87% and 2.80%, respectively.

Moneyfacts finance expert Eleanor Williams says: “There has been a mixture of activity as various lenders have refreshed their product ranges this week; NatWest included rate reductions of up to 0.28% on a selection of fixed rate deals and also amended incentives with the addition or increase of cashback available on some products.

“Ulster Bank made rate cuts of up to 0.29%, while Principality balanced reductions on products for house purchase of up to 0.13% with increases of up to 0.04% on remortgage deals amongst other updates.

“Barclays Mortgage made a number of rate cuts of up to 0.15% and also opened up its green mortgages to applications via intermediaries and also of note this week was the launch of Nationwide’s “Helping Hand” fixed rates for FTBs.”