The average rate for a two-year fix nudged upwards slightly from 2.58% to 2.59% this week, Moneyfacts data shows, while the average three-year fix saw a stronger increase from 2.77% to 2.79%.
The average five-year fix remained at 2.81% and the average 10-year fix also stayed still, at 2.98%.
Two-year fixes
The only average rate change of any significant this week took place at 95% LTV, where the average rate fell from 3.93% to 3.91%.
There was a smaller change at 90% LTV as well – from 3.38% to 3.37%.
Three-year fixes
All of the changes within this fix took place at the upper end of the LTV spectrum – at 95% LTV the average rate dipped slightly from 3.99% to 3.97% while at 90% LTV the average rate gained 1 basis point to end the week at 3.47%.
Meanwhile, at 85% LTV, the average rate increased by 5 basis points, moving from 2.93% to 2.98%.
Five-year fixes
Here, the 90% LTV average rate dropped by 1 basis point to 3.62% and the average rate at 85% LTV and 80% LTV gained 1 basis point each to land at 3.15% and 2.84%, respectively.
10-year fixes
There were zero changes here this week.
Moneyfacts finance expert Eleanor Williams says: “At the higher end of the LTV tiers we have seen further updates, particularly from a number of the building societies who launched new 95% LTV products this week, including Tipton & Coseley, Beverley and Monmouthshire Building Society.
“Coventry Building Society also made reductions of 0.10% to two existing deals in this tier, while Hinckley & Rugby Building Society made cuts of up to 0.30% on a couple of its 95% deals.
“Rate re-pricing also continues, with HSBC reducing its fixed rates at 85% and 90% LTV by up to 0.20%, while Barclays Mortgage slashed a notable 0.50% from selected products, while Accord Mortgages balanced rate increases of up to 0.05% with some rate reductions of up to 0.26%.
“This week also saw Virgin Money launch new “Greener” fixed rates, offering preferential interest rates for those purchasing new build homes which meet specific energy efficiency requirements.”
