Week-on-week, the average two-year fixed rate fell from 4.84% to 4.82% and the average five-year fixed rate fell by 1bps to 4.90%. Meanwhile, the Moneyfacts Average Mortgage rate fell from 4.90% to 4.88%.

This week’s Moneyfacts mortgage data follows a similar trend to last week’s, with rate cuts fading slightly.

The biggest cuts were to three-year fixes to 95% LTV, which were cut by 7bps on average to 5.29%.

Three-year fixes to 90% LTV also saw similar cuts, with the average loan being reduced by 5bps to 4.82%.

Two-year fixes to 60% LTV were increased during the week, by 1bps, to an average of 4.28%.

A 1bps rise was also recorded for five-year fixes to 60% LTV, with the average rate for these mortgages now 4.56%.

Moneyfacts products expert Caitlyn Eastell said: “Lenders have been drip feeding fixed rate reductions over the past couple of weeks, however in the slowdown to Christmas rate movements have slowed down substantially, with only four lenders amending their rates and only a handful more withdrawing or adding to their ranges.

“The cuts this week included some sizable reductions from Aldermore by up to 45bps and Vida Homeloans by up to 32bps. Barclays Mortgage was the only major lender to make changes as selected fixed rates were reduced by 20bps and a few ‘premier’ accounts were increased by 10bps.

This week also saw Kent Reliance withdraw their entire mortgage range as the brand left the market. The leading fixed rate is still held by Santander, but the rate has reduced to 3.51% for two-years.