Average two and five-year fixed rates have remained unchanged for the third consecutive week at 4.98% and 5.02% respectively, despite some daily fluctuations over that period.
The latest ratewatch data from Moneyfacts shows only minor movements within most loan-to-value tiers as the pace of lender price changes slowed this week.
Average mortgage rates at 65% LTV saw the biggest fall with three-year fixes down by 11 basis points to 4.49% and two-year fixes by 3bps to 4.85%.
Apart from those changes, many categories saw no movement at all, or saw fixed rates edge up or down by one basis point or two.
The overall average mortgage rate, across all LTVs and terms, held steady at 5.01%.
Despite this, there were a few substantial pricing moves by individual lenders.
Moneyfactscompare.co.uk finance expert Rachel Springall says: “The momentum of fixed rate moves in the mortgage market was somewhat subdued this week, with very few lenders making cuts.
“As the start of October began, there were a handful of lenders adjusting their standard variable rates, otherwise there wasn’t much movement from the biggest high street banks to compete with fixed rate cuts, so HSBC stood out by cutting selected rates by up to 22bps.
“Out of the few building societies to make fixed rate moves this week, those to pass on cuts included Furness Building Society by up to 35bps, West Brom Building Society by up to 13bps, Cumberland Building Society by up to 15bps, and Family Building Society by up to 10bps.”
Other lenders to make reductions included Aldermore by up to 21bps and Accord Mortgages by up to 16bps, she says.
But some mutuals made increases to selected fixed rates, including Suffolk Building Society by up to 15bps, Progressive Building Society by up to 14bps and Leeds Building Society by up to 5bps.
Springall adds: “Lenders appear to be acting a bit more cautiously, which is to be expected when swap rates have been hovering close to 30-day highs.”
