The average 10-year fixed rate dropped from 2.75 per cent to 2.73 per cent during the week, shows data from Moneyfacts.

This appears to have been driven by significant falls in the 75 per cent LTV range of products, where the average fix fell from 2.60 per cent to 2.57 per cent and the 60 per cent LTV band, where the average rate changed from 2.51 per cent to 2.46 per cent.

Meanwhile, in the 80 per cent LTV area rates nudged upwards, from 2.88 per cent to 2.89 per cent, and in the 70 per cent LTV band, from 3.34 per cent to 3.37 per cent.

There was a slightly movement in the two-year fix average rate too, going from 2.42 per cent to 2.43 per cent, with rises in the 85 per cent LTV band – from 2.47 per cent to 2.48 per cent – and the 75 per cent LTV band, where the average rate went from 2.28 per cent to 2.29 per cent from 07 February to 14 February.

The average rate for all three-year fixed rate products remained at 2.52 per cent across the week, while the five-year fix stayed at 2.74 per cent.

Moneyfacts finance expert Eleanor Williams says: “This week we have seen rate reductions on fixed rate mortgages from some prominent brands which include HSBC, Lloyds and Halifax, especially on their longer-term deals. Notable examples of this are the three-year deal now fixed at 1.44 per cent from HSBC and the ten year 2.13 per cent offering from Halifax – both now market leaders in their sectors for rate and both also offering competitive overall packages.

“Lenders may be reacting to consumer demand with these updates, which may indicate that with ongoing economic uncertainty, borrowers are looking to mitigate the risk of their mortgage payments increased by opting to lock in for longer.”