The average two-year fixed rate across all LTVs moved from 1.98 per cent to 1.99 per cent this week.
Movements of one basis point were evident elsewhere, too – the average three-year fixed rate dropped from 2.20 per cent to 2.19 per cent and the average five-year rate increased slightly, from 2.23 per cent to 2.24 per cent.
While this was going on, the average 10-year fixed rate dropped from 2.61 per cent to 2.60 per cent.
However, there was plenty of movement within these average changes, as described below:
Two-year fixes
The biggest movement here was at the 90 per cent LTV category, where the average rate jumped from 2.68 per cent to 2.96 per cent – a change of 0.28 per cent.
There was another leap upwards in the average rate at 50 per cent LTV, where the rate grew from 1.97 per cent to 2.19 per cent.
The only drops were seen at 65 per cent LTV and 70 per cent LTV, where average rates moved from 1.67 per cent to 1.66 per cent and 2.13 per cent to 2.12 per cent, respectively.
Three-year fixes
Here, the most notable change happened at 50 per cent LTV. The average rate fell relatively dramatically, from 3.35 per cent to 3.23 per cent.
The largest upwards movement was seen at 90 per cent LTV, with the rate ticking from 3.13 per cent to 3.21 per cent.
Meanwhile, at 85 per cent LTV, the rate moved a more modest 4 basis points – from 2.15 per cent to 2.19 per cent.
Five-year fixes
There was a big change at 90 per cent LTV in the five-year fixes – from 3.01 per cent to 3.17 per cent.
The second largest change was at 85 per cent – a rate change from 2.32 per cent to 2.35 per cent. Elsewhere, changes were minimal.
10-year fixes
The average rate only changed within two LTV categories here.
At 80 per cent LTV, the average rate slipped from 2.92 per cent to 2.86 per cent and at 70 per cent LTV there was a gain in the average rate, from 3.42 per cent to 3.70 per cent.
Moneyfacts finance expert Eleanor Williams says: “Continuing the recent trend of high levels of activity in the uncertain mortgage market, this week has seen a number of updates and amendments from lenders across their ranges.
“The changes have been varied and have included some welcome rate reductions – Barclays Mortgage made cuts to selected fixed rate deals of up to 0.17 per cent, NatWest made reductions of up to 0.11 per cent to certain products and Newcastle BS also reduced some product rates by up to 0.40 per cent.
“Both Cumberland BS and HSBC have been able to continue to offer products in the sought-after higher LTV tiers of 85 per cent and 90 per cent but have both increased selected rates, with Cumberland BS making increases of up to 0.64 per cent, and HSBC of up to 0.25 per cent.
“There have also been further updates to fees, incentives and other product features, meaning that the picture continues to be extremely fluid.
“Those who wish to move forwards with exploring new mortgage options at the moment would be wise to seek independent financial advice to keep pace with what options may be available to them.”
