The average two-year fixed rate remains unchanged at 5.78% compared to last week, while the average five-year fixed rate has edged up from 5.68% to 5.70%.

The largest cuts this week were to three-year fixes to 60% LTV, which were reduced by an average of 3bps to 4.99%.

Some mortgage types saw overall rate increases this week, Moneyfacts found.

The largest was for 10-year fixes to 60% LTV, which saw a 14bps increase to 6.46%.

The second-largest increase was for 10-year fixes to 75% LTV, which saw an 11bps rise to an average of 6.27%.

Moneyfacts head of consumer finance Adam French said: “The recent momentum behind falling mortgage rates looks to be stalling as lenders become more cautious amid ongoing volatility in funding costs. While some providers continued to trim selected rates, several made increases amid the ongoing uncertainty around inflation and the future path of interest rates.”

Swap rates look to be ending the week around 4.20-4.25% after briefly spiking more than 10bps higher on Tuesday.

Nineteen lenders made notable changes to their mortgage ranges this week, with a fairly even split between cuts and increases.

Seven lenders reduced selected rates, while 10 increased pricing, and eight lenders launched new products or refreshed existing ranges.

French added: “For now, the scope for more meaningful short-term mortgage rate reductions looks pretty limited until funding costs begin to ease more convincingly.”

Notable changes this week

Aldermore – Mortgage range withdrawn and replaced with new fixed rate products across 2-, 3- and 5-year terms.Bank of Ireland Intermediaries – Selected fixed rates reduced by up to 24bps; end dates extended; fees amended; new bespoke and standard fixed rates launched.Bank of Ireland UK – Selected fixed rates reduced by up to 24bps; fees and incentives amended; end dates extended; new fixed rate launched.Cambridge Building Society – New discounted variable rate launched; selected discounted variable rates increased by up to 25bps.Foundation – Fixed rates increased by up to 30bps.Gen H – Selected fixed rates increased by up to 15bps.HSBC – Tracker rates reduced by up to 30bps; selected fixed rates reduced by up to 13bps.Halifax – Selected fixed rates reduced by up to 25bps; intermediary end dates extended.Leeds Building Society – New tracker products launched.Leek Building Society – Selected fixed and interest-only fixed rates increased by 5bps.Lloyds Bank – Selected fixed rates reduced by up to 24bps.Nottingham Building Society – Fixed and RIO rates increased by up to 20bps; new fixed and RIO products launched.Principality Building Society – Selected fixed rates increased by up to 13bps; end dates extended.Saffron Building Society – New fixed rate ranges launched, including first-time buyer and self-employed products.Scottish Building Society – Selected fixed rates reduced by up to 20bps.Skipton Building Society – Fixed rates increased by up to 20bps.The Co-operative Bank for Intermediaries – Selected fixed rates reduced by up to 23bps.United Trust Bank – Fixed and tracker rates increased significantly, by up to 140bps.Vida Homeloans – Selected fixed rates increased by up to 54bps; end dates extended; cashback structure revised with new Fee Saver range launched.