Average mortgage rates are down week-on-week for the first time in more than a month, according to the latest Moneyfacts rate watch.

The typical two-year fix has fallen from 5.63% last week to 5.61% now, whereas the average five-year fell from 5.67% to 5.64%.

The largest falls were seen in three-year fixes to 70% LTV, where the average rate fell 25bps this week to 5.69%. Ten-year fixes to 95% LTV fell 9bps, to 6.16%.

Moneyfacts personal finance analyst Caitlyn Eastell said: “Borrowers may be reassured by the first weekly fall in average rates in over a month, however, it should not be taken for granted as it isn’t guaranteed that rates will continue to drop.

“Even with this weeks’ drop, the average two-year is 9bps higher today compared to the start of July and the average five-year 12bps higher, as a result this has added up to around £215 more a year on a ‘typical’ £250,000 loan over 25 years.

“Lenders are still pricing in both directions, and they will be keeping a close eye on swap rates to react to any sudden changes.”

Fixed rate reductions

• Accord Mortgages – Fixed rates reduced by up to 11bps.
• Atom Bank – Prime fixed rates reduced by up to 20bps; near-prime fixed rates reduced by up to 10bps.
• Bank of Ireland Intermediaries – Selected fixed rates reduced by up to 16bps; selected JBSP rates also reduced.
• Bank of Ireland UK – Selected fixed rates reduced by up to 10bps.
• Coventry Building Society – Fixed rates reduced by up to 20bps.
• Halifax – Fixed rates reduced by up to 15bps.
• HSBC – Selected fixed rates reduced by up to 20bps.
• Leeds Building Society – Selected fixed rates reduced by up to 15bps, although some interest-only and part-and-part five-year rates increased by up to 18bps.
• Lloyds Bank – Fixed rates reduced by up to 15bps.
• NatWest – Fixed rates reduced by up to 21bps.
• NatWest Intermediary Solutions – Fixed rates reduced by up to 21bps.
• Principality Building Society – Fixed rates reduced by up to 13bps.
• Royal Bank of Scotland – Fixed rates reduced by up to 21bps.
• Santander – Selected fixed rates reduced by up to 25bps.

Fixed rate increases

• Kensington – Fixed rates increased by up to 10bps.
• Metro Bank – Fixed rates increased by up to 30bps.
• Progressive Building Society – Selected fixed rates increased by up to 36bps.
• Skipton Building Society – Selected fixed rates increased by up to 20bps.

Product launches, withdrawals and other changes

• Aldermore – Limited Edition fixed-rate mortgage range withdrawn.
•  Principality Building Society – End dates extended by one month across the range to 30 November.
• Leeds Building Society – New homemover fixed rates at 5.31% and Reach at 5.47%, both to November 2028, maximum 95% LTV, with £999 fee and free valuation. Selected end dates extended by one month. Interest-only and part-and-part products withdrawn in one segment, while Income Plus rates were reduced.
• Darlington Building Society – End dates on selected discounted variable-rate mortgages extended by three months to October.
• The Co-operative Bank for Intermediaries – New fixed rates launched from 4.67% to December 2028, 4.75% to December 2029 and 4.72% to December 2031; new term tracker rates from 4.34%.
• Bank of Ireland UK – New fixed rates launched from 4.67% to December 2028, 4.79% to December 2029 and 4.76% to December 2031. Existing rates had end dates extended by two months.
• Bank of Ireland Intermediaries – New fixed rates from 4.67%; new JBSP house-purchase fixes at 5.25% to 2028 and 2031, maximum 95% LTV, no fee and free valuation. Existing rates extended to December.
• Skipton Building Society – New house-purchase fixed rate at 5.75% to November 2029, maximum 95% LTV, with no fee, free valuation and £500 cashback.
• Marsden Building Society – New lending-into-retirement, later-life and RIO ranges launched, with fixed rates from 5.39% and discounted variable rates from 4.99%.

Tracker and discounted variable rate changes

• NatWest – Selected remortgage tracker rates reduced by 10bps.
• NatWest Intermediary Solutions – Selected tracker rates reduced by up to 10bps.
• Royal Bank of Scotland – Selected tracker rates reduced by 10bps.
• Santander – Selected tracker rates reduced by up to 20bps.
• Skipton Building Society – Selected tracker rates increased by 20bps.