The average rate for two-year fixes fell by 3 basis points to 6.29%, while the average rate for three-year fixes was 2 basis points lower at 6.05%, according to Moneyfacts data.      

The average rate for five-year fixes edged down by a single basis point to 5.87%, as 10-year fixes ended the week 2 basis points lower at 5.77%. 

Two-year fixes   

The largest fall in this term came at the 95% LTV average rate, which was down 7 basis points to 6.54%, followed by the 65% LTV average rate, which was 6 basis points lower at 6.45%. 

The 90% LTV and the 85% LTV average rates both fell by 3 basis points to 6.25% and 6.44%, respectively. 

Three-year fixes   

The biggest decline at this level saw the 70% LTV average rate tumble by 17 basis points to 6.17%. Next, came the 90% LTV and the 60% LTV average rates, which both fell by 7 basis points to 6.03% and 5.83%, respectively. 

The 85% LTV average rate was down 5 basis points at 6.17%. 

Five-year fixes   

There was little movement at this term, with the biggest decline coming at the 95% LTV average rate, down 4 basis points at 5.92%. 

The 90% LTV and the 85% LTV average rates were both a single basis point lower at 5.92% and 5.90%, respectively. 

10-year fixes   

At this level, the 60% LTV average rate was the biggest faller, down 3 basis points at 5.87%. 

The 95% LTV average rate, the 90% LTV average rate, the 85% LTV average rate, the 80% LTV average and the rate 70% LTV average rate all fell by 2 basis points to, 6.07%, 5.50%, 5.71%, 5.37% and 6.60%, respectively. 

Moneyfacts finance expert Rachel Springall says: “Fixed-rate reductions took precedence this week, with just a couple of lenders increasing selected deals. The cuts resulted in a fall to the overall two average two- and five-year fixed mortgage rates. 

“Some notable cuts were made by a few of the most prominent brands in the market, such as HSBC by up to 45 basis points, Barclays Mortgage by up to 26 basis points, Lloyds Bank by up to 20 basis points and Halifax by up to 20 basis points on its new build range.  

“A few building societies were also active this week, those lenders to make cuts to selected fixed rates included Yorkshire Building Society by up to 58 basis points, Melton Building Society by up to 51 basis points, Monmouthshire Building Society by up to 15 basis points, Suffolk Building Society by up to 20 basis points and Leeds Building Society by up to 13 basis points on standard fixed, which also withdrew some deals. 

“Not to go unnoticed, more fixed rate reductions took place with Accord Mortgages by up to 23 basis points, Digital Mortgages by Atom Bank by up to 20 basis points, Clydesdale Bank by up to 18 basis points and Gen H by up to 27 basis points. 

“There were a couple of brands making selected fixed-rate reductions this week too, such as Accord Mortgages by up to 13 basis points, Lloyds Bank by 10 basis points on remortgage deals, Skipton Building Society by up to 13 basis points and finally Yorkshire Building Society by up to 20 basis points. 

“A few eye-catching deals also surfaced this week, including a two-year fixed deal from Barclays Mortgage, priced at 5.10% and available at 60% LTV for house purchase customers, it carries free valuation and charges a fee of £899. 

“Monmouthshire Building Society moved to increase their standard variable rates this week by 1.00%, with Accord Mortgages and Skipton Building Society increasing its variable tracker rates by 10 basis points and 26 basis points, respectively. 

“It is positive to see fixed rate cuts outweighing rises and it is hoped this sentiment will continue in the following weeks.  

“The pause on a base rate hike by the Bank of England this week will be good news to borrowers concerned about mortgage costs. Borrowers reviewing the latest deals to surface would be wise to seek independent advice to go assess their options.”