The average two-year fixed rate dropped 1 basis point to end the week at 2.56 per cent and the average three-year fixed rate fell 3 basis points to finish at 2.64 per cent, shows data from Moneyfacts.

At the same time, the average five-year fixed rate stayed at 2.75 per cent and the average 10-year fixed rate gained 1 basis point, moving to 2.84 per cent.

Two-year fixes

The most significant changes in this category took place at 90 per cent LTV and 70 per cent LTV.

Within the former, the average rate shed 2 basis points, moving from 3.52 per cent to 3.50 per cent and, at the former, the average rate lost the same amount of basis points, coming to 2.49 per cent.

Three-year fixes

At 60 per cent LTV, the average rate lost 8 basis points, going from 1.99 per cent to 1.91 per cent.

Meanwhile, at 80 per cent LTV, the average rate fell from 2.67 per cent to 2.62 per cent.

And at 90 per cent LTV the average rate pushed up 4 basis points, moving from 3.52 per cent to 3.56 per cent.

Five-year fixes

It was a quiet week at this fix. The 70 per cent LTV average rate was the only mover of any significance, where the average rate fell from 2.69 per cent to 2.66 per cent.

10-year fixes

The only change here occurred at 75 per cent LTV. The average rate increased slightly, from 2.75 per cent to 2.76 per cent.

Moneyfacts finance expert Eleanor Williams says: “There has been continued re-pricing activity in the mortgage market this week, with providers such as Halifax and HSBC making reductions to selected fixed rates of up to 0.11 per cent and 0.10 per cent respectively, while Barclays increased some of its fixed rate products by up to 0.12 per cent.

“NatWest and Santander both made various changes, which included rate changes and amendments to incentive packages on certain deals. Santander also introduced new remortgage deals at 90 per cent LTV this week, while Virgin Money opened up its fixed first-time buyer deals in this tier to second-time buyers and those remortgaging, improving choice for borrowers with lower levels of deposit or equity.

“As providers continue to react to an ever-evolving landscape and adjust their product ranges accordingly, speed and preparation may be key for borrowers looking to secure a new deal, and seeking the up to date knowledge and support of a qualified adviser may be wise.”