According to Moneyfacts, average two-year fixes were down 0.02% to 5.11%, three- and five-year fixes dropped 0.01% to 5.03% and 5.64% respectively but average five-year fixes were unchanged at 5.1%.

The biggest change came with five-year fixes to max 100% LTV, which increased in rate by 0.04% to 5.7%.

The flat movement came as little surprise as the Bank of England’s MPC committee kept the base rate at 4.25% on Thursday.

However, prominent brands that did reduce select fixed rates included Santander with cuts of up to 0.22%, Virgin Money down up to 0.10%, Lloyds Bank by up to 0.10% and Halifax by up to 0.10%.

Rachel Springall, Finance Expert at Moneyfacts says: “The decision to hold the Bank of England Base Rate will come as disappointing news to borrowers this week, but it is worth pointing out that lenders don’t just follow the path of the base rate when tweaking mortgage rates.

“Those weighing up future rate expectations traditionally follow the swap rate market, and as it stands swaps are hovering between their 30-day highs and 30-day lows. While this week has bit a bit subdued for mortgage activity, we have seen a handful of lenders cut rates rather than hike them. Hopefully, this sentiment will continue over the coming weeks. In the meantime, its wise for borrowers to seek advice from a broker to assess the latest deals available to them.”