Product relaunches took precedence this week as lenders started to slow down their repricing, the latest Moneyfacts data shows.

Average two-year fixes fell by 2 basis points to 5.52% while average five-year fixes held steady at 5.28%.

Lenders that made the biggest increases on selected fixed rates included TSB who put rates up by as much as 15bps and Santander who raised rates by 18bps while Barclays made reductions of up to 20bps.

Building societies also made a few rates move this week, those to increase fixed rates included Progressive Building Society by up to 0.20%, Monmouthshire Building Society by up to 0.20%, Nottingham Building Society by up to 0.16%, Darlington Building Society by up to 0.50% and Furness Building Society by up to 0.36%.

Other rate increases were seen from lenders such as Hodge, who increased by up to 31bps and Aldermore by up to 50bps. However, April Mortgages moved to reduce by up to 7bps..

According to Moneyfacts, some of the best deals this week included a two-year fixed rate deal from Furness Building Society, priced at 5.57% and available at 95% loan-to-value (LTV) for house purchase customers.

The deal does not charge any product fees and further adding to its appeal offers an attractive incentive package which includes a free valuation and £250 cashback.

Moneyfacts spokesperson Caitlyn Eastell says: “The mortgage market has been significantly more subdued in comparison to recent weeks. It’s a reassuring sign for many prospective buyers that lenders are starting to slow down their repricing and in more positive news, product launches took precedence this week.”

“In light of these changes, the average two-year fixed rate fell by 0.02% to 5.52% and the average five-year fixed rate held steady at 5.28%.”

“Despite a more promising outlook across the mortgage market, in reality fixed rates are not destined to plummet any time soon so any borrowers soon expecting to come off a longer-term deal may be disheartened they will be paying significantly more.”

“Many are hopeful for the Bank of England to bring down base rate further into the new year but with market conditions being volatile it remains to be seen when this may be the case.”

“Borrowers would be wise to grab a competitive deal in the first instance as the average shelf life dropped to just 17 days at the start of the month.”