Overall, average fixed rates saw little movement over the past seven days, though some lenders did make reductions and others increased prices.

Week on week, the average two-year fixed dipped by 1 basis point to 4.84%, while the average three and five-year fixed rates remained static at 4.75% and 4.91% respectively, according to the comparison website.

Within individual product categories, the biggest movement was to average two-year fixed rates at 60% LTV, which came down by 4bps to 4.27%.

Two-year fixes at 70% LTV fell by 3bps to 4.77%.

In most other categories, averages edged down by a single basis point or remained unchanged compared to the previous week.

Moneyfacts products expert Caitlyn Eastell says: “Rate movement momentum has slowed since last week but remains positive as most lenders have moved to reduce their fixed-rate prices. 

“As we come into the new year, it’s encouraging to see that product availability is firmly above 7,000 and points towards a promising start to 2026. 

“However, borrowers that are due to remortgage off the low rates in 2020 should be prepared to see a jump in their monthly repayments, but with many lenders improving their rates it could be a lesser strain compared to the start of the year. 

“The cuts this week included some sizable reductions from Progressive Building Society by up to 50bps and Precise by up to 37bps. 

“A handful of the largest lenders also made some rate moves including, Lloyds Bank, Halifax, Virgin Money, Santander, Royal bank of Scotland, NatWest, Gen H, and Barclays Mortgage. 

“The leading fixed rate is still held by Santander, but the rate has reduced to 3.51% for two-years.”

Eastell adds: “It is widely expected that the Bank of England could cut interest rates to 3.75% on December 18, and many borrowers will breathe a sigh of relief. 

“Over recent weeks many lenders have already been pricing in the cut. “Even with today’s surprise GDP figures, swap rates have shown little movement and remain below their 30-day highs.”