The average rates for two-, three-, and five-year fixes all fell sharply this week, shows Moneyfacts data, while the average rate for a 10-year fix was static.

For a two-year fix, the average rate dropped from 2.44% to 2.41%. For a three-year fix, the average rate tumbled from 2.45% to 2.38%.

And for a five-year fix, the average rate decreased from 2.68% to 2.63%.

The average rate for a 10-year fix remained at 2.99% throughout the week.

Two-year fixes

At 90% LTV, the average rate lost 5 basis points, going from 2.91% to 2.86% and, at 75% LTV, the average rate dropped from 2.13% to 2.09%.

It was at 70% LTV where the biggest fall within this bracket lay, though – here, the average rate dropped 8 basis points, moving from 2.23% to 2.15%.

Three-year fixes

The 95% LTV average rate fell 6 basis points within this fix, changing from 3.55% to 3.49%.

And there was a large movement at 75% LTV, where the average rate went from 1.83% to 1.76% – a difference of 7 basis points.

At 70% LTV, meanwhile, the average rate shed 24 basis points, going from 2.30% to 2.06%.

Five-year fixes

There was some movement at the higher LTV bracket here – the 90% LTV average rate having lost 5 basis points to end the week at 3.24%, specifically.

But it was at 70% LTV again where the biggest change was found: the average rate dropped from 2.41% to 2.27% – a total change of 14 basis points.

10-year fixes

There were no movements here this week.

Moneyfacts finance expert Eleanor Williams says: “The average shelf-life for residential mortgages remains low at 21-days, illustrating just how fast-paced changes are being made across the sector as providers continue to amend their ranges. Rate-repricing is still one of the prevalent trends and fuels further falls in the average fixed rates this week.

“Santander made various changes across its residential range, which included slashing the initial rates on selected products by as much as 0.60%, launching competitively priced new deals and amending the LTV limit on a handful of fixed rates, as well as reducing the maximum advance on some products.

“HSBC also refreshed its product range this week, introducing differential pricing by buyer type as well as making some noteworthy rate reductions of up to 0.30% on a selection of its deals for those purchasing a home, including its products for borrowers with 5% deposits.

Elsewhere, Halifax included reductions on selected fixed rates for house purchase customers of up to 0.35%, while NatWest made cuts of up to 0.23% as well as updating its ‘Green’ deals this week.

“Barclays Mortgage has dropped some of its rates by up to 0.30%, Furness Building Society cut a couple of its interest-only deals by up to 0.40%, as well as both launching new products in the latest updates, while Skipton Building Society introduced some notable ‘Limited Edition’ fixed rate deals.”