The average two-year fixed rate has remained at 2.42 per cent on a weekly basis, according to data collected by Moneyfacts.

Last month the average two-year fixed rate was recorded at 2.43 per cent, and last year it was 2.50 per cent.

Average two-year rates in the 95 per cent LTV category rose from 3.22 per cent to 3.23 per cent. In contrast, average rates in the 80 per cent LTV category fell from 2.41 per cent to 2.39 per cent.

Meanwhile, average two-year rates in the 90 per cent LTV category, 85 per cent LTV category, 75 per cent LTV category, 70 per cent LTV category, 65 per cent LTV category, 60 per cent LTV category, and the 50 per cent LTV category all remained unchanged.

Turning to average five-year fixed rates, the 95 per cent LTV category noted a fall from 3.55 per cent to 3.53 per cent, and the average rate in the 80 per cent LTV category dropped from 2.73 per cent to 2.71 per cent.

Average rates in the 85 per cent LTV category and the 75 per cent LTV category both rose, from 2.79 per cent to 2.8 per cent, and from 2.55 per cent to 2.56 per cent, respectively.

However, average rates in the five-year 90 per cent LTV category, 70 per cent LTV category, 65 per cent LTV category, 60 per cent LTV category and the 50 per cent LTV category all remained unchanged.

Overall, the average five-year fixed rate increased from 2.73 per cent to 2.74 per cent week-on-week.

Moneyfacts finance expert Rachel Springall says: “There has been little activity in the fixed rate mortgage market this week, except for some notable changes from well-known brands. Santander, TSB, Barclays and Yorkshire Building Society all reduced rates this week on a number of products.

“It may be the case that lenders are waiting to make move movements until after the Bank of England’s rate decision next week. Until then, now is a good a time as any for borrowers to take advantage of rate competition.”