Moneyfacts said the average two- and five-year fixed rates are down to 4.77% and 4.86%, falling by just 1bps each since last week.

Last week the average two-year fixed rate homeloan fell by 2bps to 4.78%, while the typical five-year fix was down by 1bps to 4.87%.

The biggest cuts were seen to two-year fixes to 65% LTV, which were reduced by 5bps to an average rate of 4.85%.

But many other categories saw price increases, including two-year fixes to 95% LTV (up 4bps to 5.3%) and three-year fixes to 95% LTV (up 5bps to 5.32%).

Moneyfacts finance expert Rachel Springall said: “Fixed rate cuts took precedence this week, which will be great news for prospective borrowers, however there is a chance that the path ahead for sizable cuts may be set to dwindle.

“High street banks made further cuts to their ranges, which included Barclays, Lloyds Bank, NatWest, and Santander. The buzz of activity within the market led to some notable cuts by Building Societies.

“As lenders catch up to pass on cuts in response to lower swap rates from prior weeks, this might not be as sustainable looking ahead. This week’s inflation statistics and more global economic unrest have influenced swap rates, with two- and five-year swaps currently tending near 30-day highs.

“Lenders will no doubt be watching the markets closely to see if they need to adjust their re-pricing plans over the coming weeks, or if it’s just a short-term knee-jerk reaction which may settle down.”

Notable mortgage cuts this week included some reductions from Progressive Building Society of up to 35bps and Scottish Building Society of up to 25bps.