The average rate for a two-, three- and five-year fixed rate mortgage fell slightly this week, reports Moneyfacts.

For a two-year fix, the average rate fell from 2.55% to 2.53%, for a three-year fix from 2.66% to 2.65% and for a five-year fix, from 2.78% to 2.76%.

Meanwhile, the average rate for a 10-year fix stayed at 2.97% throughout the week.

Two-year fixes

The biggest change within this fix took place at 95% LTV, where the average rate dropped 5 basis points, moving from 3.78% to 3.73%.

And at 90% LTV, the average rate shed 4 basis points, ending at 3.18%.

Further down the categories, the average rate at 65% LTV rose 4 basis points, going from 2.28% to 2.32%.

Three-year fixes

Here, the most significant change was a 3 basis drop, which happened at 95% LTV and at 70% LTV.

At the higher LTV bracket, the average rate moved from 3.83% to 3.80% and at the latter, from 2.51% to 2.48%.

Five-year fixes

A loss of 5 basis points saw the average rate at 95% LTV change from 4.01% to 3.96% and, at 90% LTV, the average rate lost 3 basis points to finish the week at 3.51%.

At 70% LTV, the average rate dropped 3 basis points too – from 2.51% to 2.48%.

10-year fixes

No change occurred here this week.

Moneyfacts finance expert Eleanor Williams says: “Changes to both products and criteria are continuing to come in thick and fast as lenders refresh their ranges and re-price rates.

“This week saw Halifax focus on products available to first- and second-time buyers, applying reductions to a selection of house-purchase deals of as much as 0.35%, while HSBC made notable cuts of up to 0.30% on some fixed rate products.

“Platform dropped some rates by up to 0.26%, and Yorkshire Building Society made reductions of up to 0.18% on various fixed deals. Another provider to reprice rates was Principality Building Society, which made cuts of up to 0.25% and applied a couple of small rate increases of 0.01%, while also refreshing its joint borrower sole proprietor deals.

“At the higher end of the LTV spectrum, Coventry Building Society reduced fixed rates at 85%, 90% and 95% as well as launching a new deal for those purchasing with a 5% deposit.

“Elsewhere, changes to criteria such as loan to income ratios and maximum advances were also noted, emphasising how important seeking advice and support from a qualified adviser could be for those hoping to progress a new mortgage in this fluid sector.”