Average fixed rate mortgage prices fell lower this week, according to the latest figures from Moneyfacts, as lenders cautiously continue to compete.

Moneyfacts found the average two-year fix fell by 2bps to 5.73%, while the typical five-year fix dipped 1bps to 5.66%.

The more significant falls were in higher loan-to-value lending, with the average 90% LTV two-year fixed rate falling by 4bps from 6.04% to 6%. The equivalent five-year fixed rate dropped by 7bps from 5.87% to 5.8%.

Moneyfacts head of consumer finance Adam French said: “Average mortgage rates have crept lower again this week as mainstream lenders continue to compete despite uncertainty around inflation, funding costs and the future direction of the Bank of England base rate.

“A total of 27 mortgage lenders made notable changes this week. Ten lenders reduced selected rates, 13 increased pricing and nine launched new products or refreshed

“The latest changes may also suggest some lenders are pursuing growth by targeting more niche borrower segments rather than broad mainstream repricing.

“The variable regional effects of higher mortgage rates also became a little clearer this week. Higher borrowing costs are placing a much greater strain on higher-priced southern housing markets, while lower average property values in northern regions have helped soften some of the affordability shock.”

 Notable changes this week

• April Mortgages – Fixed rates increased by up to 20bps.
• Atom Bank – Fixed rates increased by up to 15bps.
• Barclays Mortgage – Tracker rates increased slightly; selected fixed rates reduced by up to 15bps.
• Bath Building Society – Selected fixed rates withdrawn.
• Chorley Building Society – New Own New Rate Reducer product launched at 95% LTV with cashback incentive.
• Darlington Building Society – Selected specialist fixed rates reduced by up to 30bps; end dates extended.
• Dudley Building Society – New fixed and interest-only fixed rates launched; discounted variable rates reduced by up to 40bps.
• Halifax – Selected fixed rates reduced by up to 14bps; new 98% LTV Low Deposit product launched for first-time buyers.
• Hanley Economic Building Society – Discounted variable and RIO rates reduced by up to 64bps.
• Leeds Building Society – Fixed rates reduced by up to 36bps; new fixed rate ranges launched; end dates extended; selected products withdrawn.
• Leek Building Society – Selected fixed rates increased by up to 8bps.
• Lloyds Bank – Selected fixed rates reduced by up to 14bps; new 98% LTV Low Deposit product launched for first-time buyers.
• Melton Building Society – Selected fixed rates increased by up to 14bps; end dates extended.
• NatWest – Fixed rates increased by up to 24bps; end dates extended.
• NatWest Intermediary Solutions – Fixed rates increased by up to 24bps; end dates extended.
• Newcastle Building Society – Selected self-employed fixed rates increased; end dates extended.
• Nottingham Building Society – Fixed and RIO rates increased by up to 15bps; end dates extended.
• Principality Building Society – Mixed changes with selected fixed and tracker rates increased, while one fixed rate reduced slightly.
• Royal Bank of Scotland – Fixed rates increased by up to 24bps; end dates extended.
• Santander – Selected fixed and tracker rates reduced by up to 23bps and 27bps respectively; selected FTB products withdrawn; end dates extended.
• Skipton Building Society – Selected fixed and Delayed Start products reduced by up to 19bps.
• Suffolk Building Society – All fixed rate mortgages temporarily withdrawn.
• TSB – Selected fixed rates reduced by up to 20bps.
• The Co-operative Bank for Intermediaries – Selected 95% LTV and Green fixed rates increased; selected remortgage fixed rates reduced.
• Tipton & Coseley Building Society – Mortgage range replaced with extensive new fixed and discounted variable products, including RIO, LIR and Credit Plus ranges.
• United Trust Bank – Fixed and tracker rates increased across Prime ranges by up to 35bps; 90% LTV products withdrawn.
• West Brom Building Society – Selected fixed rates reduced by up to 32bps; new 90% LTV fixed rate launched.