The average rate for a two-, five-, and 10-year fix dropped this week, according to Moneyfacts, while the three-year fix stayed still.

The average two-year rate decreased from 2.58 per cent to 2.57 per cent, the average five-year fix from 2.76 per cent to 2.75 per cent, and for a 10-year fix, from 2.85 per cent to 2.83 per cent.

For a three-year fix, the average rate remained at 2.67 per cent throughout the week.

Two-year fixes

Here, the biggest change was at 70 per cent LTV, which saw its average rate gain 6 basis points, climbing from 2.45 per cent to 2.51 per cent.

At 90 per cent LTV and 85 per cent LTV, the average rate for each shed 2 basis points, landing at 3.52 per cent and 3.08 per cent, respectively.

Three-year fixes

There was little change within this category this week. At 85 per cent LTV the average rate dropped 1 basis point, coming to 2.94 per cent as did the average rate at 75 per cent LTV, which finished the week at 2.17 per cent.

Five-year fixes

There was a 6 basis point movement at 70 per cent LTV within this fix, where the average rate increased from 2.63 per cent to 2.69 per cent.

And at 90 per cent LTV and 85 per cent LTV, there was a fall of 2 basis points apiece, ending the week at 3.65 per cent and 3.20 per cent, respectively.

10-year fixes

The only movement within the longer-term fix was at 60 per cent LTV, where the average rate dropped 4 basis points, coming to 2.42 per cent.

Moneyfacts finance expert Eleanor Williams says: “Availability continues to steadily improve across the residential mortgage sector as lenders adjust their ranges.

“A few noteworthy updates this week, including an update from TSB, which balanced rate increases of up to 0.60 per cent with reductions of up to 0.35 per cent on selected deals, while also launching new products, including some with no fee at 90 per cent LTV.

“Virgin Money was amongst the brands who made rate reductions, cutting selected fixed rates by up to 0.31 per cent, while Halifax cut selected house purchase products by up to 0.26 per cent and Leeds Building Society also made various reductions of up to 0.36 per cent.

“While the sector remains fluid, those considering a new mortgage may be wise to seek qualified advice and support in selecting the best option for their circumstances, and keep in mind the overall mortgage package on offer, to balance the initial rate with any associated costs or incentives available to them.”