The average rate for a two-, three- and five-year fix fell this week, shows Moneyfacts data, continuing a six-week trend.

The average two-year fix dropped 3 basis points to 2.33% and the average three-year fix fell 2 basis points, to 2.36%.

During the same time span, the average five-year fix lost 3 basis points, ending the week at 2.59% and the average fix for a 10-year mortgage was static at 2.99%.

Two-year fixes

There were some extraordinary changes at the higher-LTV end of this category: At 95% LTV, the average rate lost 13 basis points, going from 3.54% to 3.41% and, at 90% LTV, the average rate dipped by 8 basis points, putting the rate this Friday at 2.71%.

And at 85% LTV, the average rate fell by a more modest 4 basis points, providing a rate of 2.49%.

Three-year fixes

Here, the 95% LTV fix decreased by 3 basis points, which saw the average rate finish the week at 3.42%.

There was a 3 basis point fall at 80% LTV too, where the average rate moved from 2.38% to 2.35%.

Elsewhere, rate drops were limited to 2 basis points.

Five-year fixes

More action at the higher-LTV end saw the 95% LTV average rate for this fix drop by 9 basis points, going from 3.83% to 3.74% and the 90% LTV rate lose 5 basis points, taking the rate to 3.15%.

10-year fixes

There were no movements of note at this fix this week.

Moneyfacts finance expert Eleanor Williams comments: “Some significant rate cuts were seen this week: Accord Mortgages slashed up to 0.50% from a selection of its fixed rates, as well as launching new products at 80% and 85% LTV and amending the cashback incentive on a number of products for new builds from £750 to £250.

“Virgin Money also made rate reductions, cutting up to 0.23% from its intermediary deals with £1,000 cashback and up to 0.27% across other selected fixed rates, while Leeds Building Society also made rate cuts of up to 0.20% as well as introducing new ‘Green’ fixed rates at 85% and 90% LTV for those purchasing a home.

“Santander made various changes to its range, applying rate reductions of up to 0.20% to selected deals, reducing selected product fees and launching new fixed rates options for remortgage borrowers priced from 0.84%.

“Halifax also made a couple of updates this week, which included reductions on selected house purchase deals of up to 0.35%.”