The latest Moneyfacts Rate Watch found that the average two-year fixed rate now stands at 5.81%, up 98bps from 4.83% at the start of March but down from a recent high of 5.90% earlier this month.

Meanwhile the average five-year fixed rate has risen to 5.70%, 75bps higher than at the beginning of March, but also easing back slightly from its peak of 5.78%.

One week ago the average two-year fix was 5.87% and the typical five-year fixed rate was 5.78%.

The mortgage types seeing the biggest cuts this week were those with large deposits.

Five-year fixes to 65% LTV were cut by 19bps on average, while two-year fixes to 65% LTV were cut by 18bps.

Moneyfacts head of consumer finance Adam French said: “Today marks a full fortnight of falling mortgage rates, with lenders making meaningful cuts across a wide range of products. The benchmark averages have edged down from their recent peaks, offering some relief to borrowers, although the broader picture is still one of higher costs.

“In total, 18 lenders reduced pricing, while just two increased rates and one made a mix of changes. A further nine lenders made product and range adjustments.

“However, it is important to keep this improvement in perspective. Mortgage rates remain almost 100 basis points higher than before the conflict in Iran began, adding roughly £1,700 per year to the cost of a typical mortgage. While average rates have fallen by around 9bps from their recent peak, saving borrowers approximately £145 annually – most of the earlier increase is still being felt.”

Notable changes this week

• Accord Mortgages – Selected fixed rates increased by 10bps • Barclays Mortgage – Selected fixed rates reduced by up to 36bps • Bluestone Mortgages – Selected fixed rates increased by up to 35bps • Chorley Building Society – Fixed rates reduced by up to 70bps; end dates extended; selected products withdrawn; earlier withdrawal of large loan discounted variable rates • first direct – Fixed rates reduced by up to 38bps (2-year) and 25bps (5-year) • Furness Building Society – New discounted variable rate products launched with cashback and free valuation incentives • Gen H – Mixed changes: fixed rates reduced (up to 10bps) at lower LTVs and increased (up to 20bps) at higher LTVs • HSBC – Selected fixed rates reduced by up to 17bps; end dates extended • Halifax – Selected fixed rates reduced by up to 15bps; Family Boost product reduced • Hinckley & Rugby Building Society – LTV limits and maximum loan sizes updated • Leek Building Society – End dates extended across range • Lloyds Bank – Selected fixed rates reduced by up to 15bps • Melton Building Society – Discounted variable rate withdrawn • NatWest – Fixed and variable rates reduced by up to 37bps and 34bps respectively; end dates extended • NatWest Intermediary Solutions – Fixed and tracker rates reduced by up to 37bps and 34bps respectively; end dates extended • Nationwide Building Society – Fixed rates reduced by up to 25bps • Newbury Building Society – New fixed and discounted variable rate products launched • Newcastle Building Society – Selected fixed rates reduced by up to 20bps; new build product launched • Principality Building Society – Fixed rates reduced by up to 12bps; new products launched; fees increased • Royal Bank of Scotland – Fixed and variable rates reduced by up to 37bps and 34bps respectively; end dates extended • Saffron Building Society – Discounted variable rate withdrawn; new JBSP and contractor fixed rates launched • Santander – Selected fixed rates reduced by up to 25bps • Scottish Building Society – Fixed rate product withdrawn • Skipton Building Society – Fixed and tracker rates reduced by up to 10bps; delayed start rates reduced by up to 26bps; end dates extended • TSB – Fixed rates reduced by up to 60bps; tracker rates reduced by 30bps; end dates extended • Teachers Building Society – Multiple updates: new fixed rates launched; selected rates increased and fees raised; earlier products withdrawn • Vida Homeloans – Selected fixed rates reduced by up to 106bps • Virgin Money – Fixed rates reduced by up to 45bps (purchase) and 35bps (remortgage); tracker rates reduced; end dates extended • West Brom Building Society – Selected fixed rates reduced by up to 30bps; new products launched with cashback incentives