Average rates on 95% LTV mortgages have come down by 4 basis points over the past week, according to data from Moneyfacts.

The news comes after Yorkshire Building Society and TSB both made substantial cuts to their 95% LTV rates today, of 34 bps and 25 bps respectively.

The average two-year fixed at 95% LTV has come down from 3.8% a week ago to 3.76% today.

At 90% LTV the average two-year fix has dropped from 3.28% to 3.23%.

There has also been a substantial reduction in the average two-year fixed rate at 85% LTV which has fallen from 2.88% to 2.83%.

In most lower LTV tiers rates have either remained broadly flat or increased.

The biggest rise was at 70% LTV where average two-year fixed rates have risen by 10 basis points from 2.3% to 2.4%.

There has been very little change to average three-year fixed rates with no movements of more than 1 basis point in any LTV tier.

The biggest changes to five-year fixed rates were in the 70% LTV tier where average rates increased by 10 basis points from 2.51% to 2.61%.

The most substantial reductions to five-year fixes were at 85% LTV where average rates dropped 4 basis points from 3.1% to 3.06% and at 90% LTV where they dipped from 3.58% to 3.55%.

Moneyfacts personal finance expert Eleanor Williams says: “Continuing the trends seen in recent weeks, various providers have made some fairly significant rate reductions this week, including a number of the mutuals.

“Yorkshire Building Society cut up to 0.34 percentage points from selected fixed rates while also launching new products for those remortgaging at 95% loan-to-value.

“Coventry Building Society made reductions of up to 0.30 percentage points and updated the borrower types across its fixed rate range of offset deals, while Leeds Building Society made a couple of updates to their range this week, which included reductions of up to 0.39% percentage points. 

“Other notable changes came from Metro Bank which slashed some fixed rate products by as much as 0.50 percentage points, TSB which made rate cuts of up to 0.40 percentage points and Halifax which reduced some house purchase deals by up to 0.25 percentage points. 

“With both product and criteria updates ensuring the residential sector remains fluid, seeking advice would be wise to assess what options are available for borrowers contemplating their next move.”