Average rates barely moved as 2022 got under way, shows data from Moneyfacts.

The average two-year fixed rate stayed at 2.38% and the average rate for a 10-year fix was also static, at 2.97%.

Meanwhile, the average rate for a three-year fix ticked up 1 basis point to 2.34% while the average rate for a five-year fix slipped downward by 1 basis point, to 2.65%.

Two-year fixes

The most significant rate fall within this category this week took place at 85% LTV, where the average rate fell 2 basis points to 2.42%.

At 65% LTV, the average rate climbed 8 basis points, moving from 2.68% to 2.76%.

Three-year fixes

The average rate at 95% LTV fell 2 basis points to end the week at 3.17% while, at 85% LV, the average rate gained 4 basis points, taking its price to 2.35%.

Five-year fixes

The only changes big enough to register here this week occurred at 90% LTV and 85% LTV. Both dropped 2 basis points, leaving rates of 2.91% and 2.74%, respectively.

10-year fixes

No substantial changes took place within this fix in the first week of 2022.

Moneyfacts finance expert Eleanor Williams says: “A slightly quieter week returning from the festive period, but a variety of changes and updates have been made in the residential sector, which has included Furness Building Society and Bank of Ireland UK (and related brands) each increasing their standard variable rate by 0.15%.

“The NatWest Group have made various re-pricing changes including rate cuts of up to a notable 0.50% to selected fixed rate deals, balanced against rate increases of up to 0.04%.

“The updates also included the launch of a handful of new first-time buyer deals at 85% LTV and 90% LTV and made amendments to cashback incentives on certain products. Nationwide also re-priced a selection of products, increasing rates on a number of its fixed rate deals by up to 0.45% and raising a selection of two-year variable rate products by up to 0.20%.

“A number of the building societies tweaked their ranges as well this week, including Coventry Building Society which, as well as withdrawing a couple of options at 65% LTV, made rate cuts of up to 0.14% on selected fixed products.

“Nottingham Building Society refreshed various products and included rate reductions of up to 0.70% on selected deals.

“Elsewhere, Scottish Building Society opened up a number of its products to selected postcodes in England (previously Scotland only), while Leek United Building Society tweaked end dates, incentives and minimum advances on selected deals, as well as reducing selected discounted variable rates by up to 0.10%.”