All average fixes edged lower this week, Moneyfacts data shows, despite the Bank of England raising the base rate by 25 basis points to 4.25%.  

The average rate for a two-year fix slipped by 5 basis points to 5.29% this Friday, while the average rate for a three-year fix fell by 7 basis points to 5.13%.  

Among longer terms, the average rate for a five-year fix was 4 basis points lower at 4.94%, while the average rate for a 10-year fix was 3 basis points down at 5%.  

Two-year fixes  

At 65% LTV, the average rate tumbled 48 basis points to 5.34%, while at 60% LTV, the average rate fell 7 basis points to 5%.  

But at 95% LTV, the average rate lifted 3 basis points to 5.93% and at 70% LTV, the average rate rose 14 basis points to 5.52%.  

Three-year fixes  

Here, at 65% LTV, the average rate fell by 18 basis points to 5.40%, but the 95% LTV average rate, rose 9 basis points to 5.72%.  

At 90% LTV, the average rate was 1 basis point down at 5.32%, while the 80% LTV average fell 13 basis points to 5.13%.  

Five-year fixes  

Here at 65% LTV, the average rate tumbled 41 basis points to 5.31%, but at 50% LTV, the average rate rose 19 basis points to 5.47%.  

At 95% LTV, the average rate edged down 1 basis point to 5.30% and at 90% LTV, the average rate slipped 2 basis points to 5.01%.  

10-year fixes  

There was little change in this term, with the 75% LTV average rate and the 60% LTV average rate both falling by 3 basis points to 4.62% and 5.05%, respectively.  

The 85% LTV average rate slipped by 2 basis points to 5.09%.  

Moneyfactscompare.co.uk finance expert Rachel Springall says: “The mortgage market showed mixed signs of rate rises and cuts this week, but there were some notable fixed mortgage rate reductions.   

“As may be expected from yesterday’s base rate rise, some tracker deals rose in line with the Bank base rate and we may well see more variable rate rises over the coming weeks. The average standard variable rate at the start of March of 7.12% on our records is already at its highest point since 2008.  

“The lenders to make notable rate cuts to selected fixed rates this week included Nationwide cutting by up to 45 basis points, Post Office by up to 64 basis points, Yorkshire and Clydesdale Bank by up to 75 basis points.

“Some of the biggest banking groups also made cuts this week, including Lloyds Bank cutting selected fixed rates by up to 39 basis points, Santander by up to 28 basis points, first direct by up to 30 basis points, NatWest and RBS by up to 12 basis points.  

“Overall, there is a positive momentum within the mortgage market as lenders compete on price, and we may well see more reductions in the week ahead on fixed rate deals.”