It was another week of rate cuts in the mortgage market this week, dominated by reductions from mutual lenders.

According to Moneyfacts data, two-year fixed residential mortgages dipped 0.04% to an average of 5.29% in the week to 11 April, while average three-year and five-year fixes also fell 0.04% to 5.16% and 5.14% respectively in the same period.

For longer-term fixes, the average across all 10 year fixed rate deals fell by as much as 0.06% to 5.51%.

Some of the larger lenders to reduce selected fixed rates this week included Barclays Mortgage by up to 0.38% and TSB by up to 0.25%.

Many building societies also made rate moves this week, including West Brom Building Society, cutting them by up to 0.39%, Furness Building Society by up to 0.30%, Melton Building Society by up to 0.29%, Coventry Building Society by up to 0.25%, Vernon Building Society by up to 0.20%, Leek Building Society by up to 0.16%, Newcastle Building Society by up to 0.15%, Monmouthshire Building Society by up to 0.10% and Darlington Building Society by up to 0.20%.

Moneyfacts finance expert Rachel Springall says: ““Despite wider stock market chaos there has been a spell of good news for mortgage borrowers as lenders have been cutting cuts this week.

“The two- and five-year swap rates are sitting just shy of their 30-day lows and remain below 4%. It traditionally takes a couple of weeks for lenders to respond to swap market volatility, but usually once a notable brand moves to cut mortgage rates, others tend to follow suit.

“There are a couple of lenders already offering sub-4% mortgages today, but the pool of these could widen. Barclays and Coventry Building Society were the latest lenders to now offer sub-4% deals, but it is important for borrowers to consider the overall package of any mortgage, not just the initial rate. Borrowers would be wise to seek advice to navigate the deals available to them and see if it is the right time to refinance.”