Moneyfacts found the typical two-year fix fell by 2bps to 4.85%, while the average five-year fix dropped in price by 2bps to 4.89%.

The biggest cuts, of 6bps, were seen in 10-year fixes to 75% LTV, with the typical rate now 5.61%.

Last week the typical two-year fix price was 4.85%, down 1bps from the week before, while the average five-year fixed rate was unchanged at 4.97%.

More cuts are likely in the near future, according to Moneyfacts finance expert Rachel Springall.

Springall said: “Around a dozen lenders made fixed rate reductions this week, and very few passed on selected increases.

“The path of fixed rate pricing is leaning more towards cuts because of recent moves to swap rates. As of right now, swap rates are trending at 30-day lows, so really, this should be a signal for lenders to review their range in the coming weeks.

“We might also start to see reductions if lenders decide to pre-price in a base rate cut to fixed deals, ahead of the next decision.

“While it’s not a dead certainty for a 25bps cut, many economists polled recently believe the Bank of England’s MPC will vote in a majority to slash BBR in March. In tandem, we could also see lenders compete on price to entice Spring buyers, and home listings are poised to rise according to Zoopla, so the mortgage market is looking bright.”

Noteable rate changes this week

• Accord Mortgages – Fixed rates reduced by up to 24bps or increased by up to 19bps
• Chorley Building Society – Fixed rates withdrawn
• Coventry Building Society – Fixed rates reduced by up to 5bps; specific 31.7.31 products reduced by 4bps
• Kensington Mortgages – Fixed rates reduced by up to 103bps; fixed rates reduced by up to 108bps; specific 5-year products reduced by 7bps and 5bps
• Leek Building Society – Fixed rates increased by 5bps; Own New fixed rates withdrawn
• Lloyds Bank – New fixed rates launched (no bps change stated)
• Melton Building Society – Fixed rate product made available via intermediaries (no bps change stated)
• NatWest – Fixed rates reduced by up to 20bps
• NatWest Intermediary Solutions – Fixed rates reduced by up to 20bps
• Newbury Building Society – Fixed rates reduced by up to 20bps
• Newcastle Building Society – No fixed rate price change (end dates extended only)
• Nottingham Building Society – Fixed rates reduced by 5bps (95% LTV only)
• Royal Bank of Scotland – Fixed rates reduced by up to 20bps
• Saffron Building Society – Fixed rates reduced by 110bps
• Skipton Building Society – Fixed rates reduced by up to 9bps or increased by up to 7bps
• Tipton & Coseley Building Society – Fixed rates reduced by up to 20bps
• TSB Bank – Fixed rates reduced by 5bps or 10bps
• Yorkshire Building Society – Fixed rates reduced by up to 28bps; specific product reduced by 63bps