Average three-year fixed rates fell by 4 basis points over the past week, while two and five-year deals edged down by 1bp, the latest weekly analysis from Moneyfacts shows.
Following these reductions, the average for two-year fixed rates across all loan-to-value tiers is now 4.87%, for three-year fixes it is now 4.76% and for five-year fixes it’s now 4.92%, Moneyfacts found.
Certain LTV bands saw more substantial falls.
Average three-year fixed rates at 95% LTV were down by 6bps to 5.37%, at 80% LTV they were down by the same margin to 4.79% and at 70% LTV they were also down by 6bps, but remained expensive compared to higher LTVs at 5.16%.
Other notable movements included average two-year fixed rates at 60% LTV, which came down by 4bps to 4.32% and five-year fixes at 65% LTV which dropped by the same margin to 4.92%.
Some of the biggest cuts by mainstream lenders were from Leeds Building Society (up to 38bps), and Halifax and TSB (up to 20bps).
Virgin Money reduced fixed rates by up to 13bps, Nationwide Building Society by up to 14bps, Melton by up to 15bps, Lloyds by up to 9bps and Furness by up to 26bps.
Major price moves by specialist lenders included Kensington cutting rates by up to 47bps, although others increased by up to 10bps.
Gen H lowered some deals by up to 20bps, but increased others by up to 10bps and Bank of Ireland for intermediaries cut prices by up to 14bps.
Rachel Springall finance expert at Moneyfactscompare.co.uk says that despite the above, the overall scale of rate cuts by lenders was subdued this week as many appeared to be waiting to watch the Budget unfold.
But she says: “Luckily, the swap market is looking relatively stable in the aftermath, and this will be an encouraging signal for lenders to consider cutting rates in the coming weeks.
“Only a handful of lenders cut fixed rates, but this does include some sizable reductions from Leeds, Halifax and TSB.
“Nationwide also made reductions on its range, including its two-year fixed now priced at 3.6% for two years, which is one of the lowest fixed rates across the whole mortgage market.
“As we near the end of November, it may surprise borrowers to know that more than 40 lenders cut fixed mortgage rates this month, so it’s a perfect time to seek advice to assess what new deals are available.”
