Average fixed-rate mortgage prices have dropped to their lowest level since March, according to the latest Moneyfacts rate watch.

Moneyfacts found that the typical two-year fix is now 5.51%, down 4bps from 5.55% last week.

Meanwhile the average five-year fix dropped 3bps, also to 5.51%, in the same period.

Moneyfacts personal finance analyst Caitlyn Eastell said: “It’s encouraging to see many lenders continue with the rate-cutting momentum, including well-known high street brands.

“Even after dominating rate moves last week, building societies are continuing to make some significant fixed rate cuts by as much as 30bps from Nottingham Building Society and Newcastle Building Society.

“Two-year swap rates have been below their five-year counterpart for the past few weeks, so it may only be a matter of time before we see the average two-year become more affordable than the average five-year, provided no new shocks stun the market.

“Calming swap rates is also good news for borrowers as it means the rate cutting momentum will continue.”

Fixed Rate MOVES (bps)

• April Mortgages – Fixed rates reduced by up to 25bps
• Atom Bank – Fixed rates reduced by up to 15bps on Prime products and by 10bps on Near Prime products
• Bank of Ireland Intermediaries – Fixed rates reduced by up to 33bps
• Bank of Ireland UK – Fixed rates reduced by up to 33bps
• Barclays Mortgage – Fixed rates reduced by up to 13bps; tracker rates reduced by 2bps–5bps
• Hodge – Fixed rates reduced by up to 40bps
• HSBC – Fixed rates reduced by up to 16bps
• Leeds BS – Fixed rates reduced by up to 14bps; tracker rates reduced by 5bps
• Leek Building Society – Fixed rates reduced by up to 20bps
• NatWest – Fixed rates reduced by up to 31bps
• NatWest Int Sols – Fixed rates reduced by up to 31bps
• Newcastle BS – Fixed rates reduced by up to 30bps; tracker rates reduced by 10bps
• Newbury BS – Fixed rates reduced by 20bps
• Nottingham BS – Fixed rates reduced by up to 30bps
• Precise – Fixed rates reduced by up to 19bps
• Principality BS – Fixed rates reduced by up to 11bps; tracker rates reduced by 5bps
• Royal Bank of Scotland – Fixed rates reduced by up to 31bps
• Santander – Fixed rates reduced by up to 21bps; tracker rates reduced by up to 15bps
• Teachers BS – Fixed rates increased by up to 40bps
• The Co-operative Bank for Intermediaries – Fixed rates reduced by up to 22bps
• TSB – Fixed rates reduced by up to 20bps
• Virgin Money – Fixed rates reduced by up to 20bps
• West Brom BS – Fixed rates reduced by up to 25bps