The average fixed rate mortgage price crept up again this week, despite promising signs of rate cuts from major lenders, according to Moneyfacts.

The latest Moneyfacts rate watch found that the average two-year fixed rate is now 5.97%, up 1bps on 5.96% at the same point last week.

The typical five-year fix now costs 5.99%, up 3bps on last week but down 1bps from the 6% average hit on 5 October.

Moneyfacts personal finance analyst Caitlyn Eastell said: “Average mortgage rates have continued to rise week-on-week, but lenders appear to be taking a more measured approach to pricing than they did during September’s period of rapid rate adjustments.

“Although a handful of lenders introduced rate reductions this week, pricing activity remains mixed and with swap rates still fluctuating it may be too early to tell whether rates have peaked or have more room to move.

“Some of the major brands have moved to make fixed rate changes this week, Lloyds Bank reduced by up to 10bps, Halifax also made some rate reductions by up to 10bps but also withdrew selected fixed rate and variable tracker rate mortgages.”

Meanwhile, Santander reduced its fixed rates by up to 25bps and its variable rates by up to 14bps.

Fixed rate moves

• Melton Building Society – Selected fixed rates increased by up to 31bps. Fixed rate mortgage of 5.29% to 31.12.31 increased by 26bps
• Lloyds Bank – Selected fixed rate mortgages reduced by up to 10bps
• Kensington – Selected core fixed rates increased by up to 32bps. Selected professional fixed rates increased by up to 20bps. Selected ‘Resi’ 12, ‘Resi 6’ and ‘Select’ fixed rates increased by up to 30bps
• Halifax – Selected fixed rate mortgages reduced by up to 10bps (direct and intermediaries)
• AIB (NI) – Fixed rate mortgages reduced by 9bps
• Yorkshire Building Society – Selected foxed rate mortgages reduced by up to 53bps
• Foundation – Selected fixed rate mortgage deals reduced by up to 20bps
• Coventry Building Society – Fixed rate mortgages increased by up to 13bps
• Santander – Selected fixed mortgage rates reduced by up to 25bps
• Gen H – Fixed rate mortgages increased by up to 13bps or reduced by up to 39bps
• Accord Mortgages – Fixed rate mortgages reduced by 10bps
• Leek Building Society – Selected fixed rate mortgage deals increased by up to 20bps

Variable rate moves

• Hinckley & Rugby Building Society – Selected discounted variable deals increased by up to 25bps
• Santander – Selected variable tracker rates reduced by up to 14bps
• Melton Building Society – Discounted variable rates of 5.05% for two years increased by 44bps
• Buckinghamshire Building Society – Selected discounted variable rate deals increased by 10bps

Withdrawals/launches

• Nottingham Building Society – New ‘make it possible’ fixed rate mortgages of 5.99% to 31.12.28 & 6.01% to 31.12.31. both max 75% LTV, £999 fee and free valuation incentive
• Coventry Building Society – New fixed rates of 5.10% & 5.35% to 28.2.29 & 5.11% & 5.21% to 29.2.32
• Atom bank – ‘Prime’ fixed rates with fee withdrawn. New ‘near prime’ fixed rate mortgages relaunched with new rates to 31.1.29 starting from 5.69%; to 31.1.30 starting from 5.84% & to 31.1.32 starting from 5.84%. ‘Prime’ fixed rate mortgages relaunched with new rates to 31.1.29 & 31.1.30 starting from 5.99% & to 31.1.32 starting from 5.94%
• Skipton Building Society – New LTI booster fixed rate mortgages for house purchase only to 31.1.29 of 5.92% with no fee & 5.75% with £995 fee; to 31.1.30 of 5.92% with no fee & 5.82% with £995 fee; and to 31.1.32 of 5.88% with no fee & 5.76% with £995 fee – all max 95%, with incentive of free valuation & available with up to 5.5x income. New LTI booster variable tracker rates for house purchase only to 31.1.29 of 5.04% (BBR+1.29%), max 95%, £995 fee & with incentive of free valuation. LTI booster products at 75% – 90% loan-to-value now available up to 6 x income (previously up to 5.5x)
• Buckinghamshire Building Society – New RIO fixed rates of 6.19% to 28.2.30, max 60%, fee £499; new retirement fixed rate of 6.19% to 28.2.30, max 75%, fee £999; new everyday fixed rate for STB of 6.29% to 28.2.30, max 95%, fee £999; new FTB fixed rate of 6.29% to 28.2.30, max 95%, no fee.
• Halifax – Selected fixed rate and variable tracker rate mortgages withdrawn
• Bath Building Society – Fixed rate mortgage of 5.34% for five years withdrawn