Activity in the mortgage market this week was relatively mixed but still muted, according to the latest data from Moneyfacts.
Some notable lenders made some increases, while building societies were more inclined to make reductions.
The average two- and five- year fixed rates have remained unchanged for a fifth week at 4.98% and 5.02%, respectively. However, the Moneyfacts Average Mortgage Rate has edged up by 0.01% to 5.02%.
There were only two prominent brands to make fixed rate tweaks, with Santander increasing by 0.13% and HSBC by up to 0.16%.
Building societies also made a range of rate moves this week. Those to increase included Yorkshire Building Society by 0.02%, Leeds Building Society by 0.07%, Accord Mortgages by up to 0.03% and Teachers Building Society by up to 0.50%.
However, those to reduce included Principality Building Society by up to 0.08%, Skipton Building Society by up to 0.08%, West Brom Building Society by up to 0.06%, and Teachers Building Society by 0.10%.
Not to go unnoticed, Accord Mortgages increased fixed rates by up to 0.13%, Kensington moved to increase by 0.26% and reduce selected deals by up to 0.14%, Hodge reduced rates by up to 0.25% and Vida Homeloans reduced by up to 0.13%.
Moneyfactscompare.co.uk spokesperson Caitlyn Eastell commented “One attractive deal to hold its chart worthy position this week is the two-year fixed rate mortgage from Santander, priced at 3.82% and available at 60% loan-to-value for second-time buyers. The deal charges a £999 product fee, and adding to its appeal, borrowers can get a free valuation and £250 cashback.”
Eastell added: “Swap rates are currently sitting just below their 30-day lows, so while lenders may still be cautious to make any drastic changes, especially with all the speculation around the November budget, they may be feeling slightly more optimistic.
“With inflation expected to peak at 4%, any hopes for a base rate cut seem unlikely but. Many second-time buyers are prioritising stability and protection from volatility as they are actively seeking longer term mortgage deals, this may be because they have increased their loan.”
