The average 10-year fixed rate rose most significantly this week, shows Moneyfacts data. From Monday to Friday, it rose 2 basis points, from 2.99% to 3.01%

The average two-year fix was static at 2.37% as was the average five-year fix, which stayed at 2.66% throughout the week.

Meanwhile, the average rate for a three-year fix ticked down 1 basis point to 2.33%.

Two-year fixes

At 90% LTV, the average rate lost 1 basis point, moving to 2.54%.

Other changes of note included the 65% LTV average rate, which gained 3 basis points to end the week at 2.69% and the average rate at 60% LTV, which climbed 4 basis points to 1.71%.

Three-year fixes

Only two changes registered within this fix, and both at the upper LTV end. At 95% LTV, the average rate dropped 1 basis point to 3.20% and, at 90% LTV, a 4 basis point fall saw the average rate move to 2.65%.

Five-year fixes

As has happened during the last couple of weeks, changes of note here bracketed the LTV spectrum.

At 95% LTV and 90% LTV, the average rate fell 1 basis point to 3.37% and 2.96%, respectively, and at 50% LTV, the average rate tumbled 15 basis points to end the week at 2.68%.

10-year fixes

At 90% LTV, the average rate lost 2 basis points, which resulted in a rate of 4.02%.

Moneyfacts finance expert Rachel Springall says: “Fixed rate cuts this week were dominated by building societies.

“Chelsea Building Society cut selected rates by up to 48 basis points, Furness cut by up to 40 basis points and withdrew its 3.29% two-year fixed mortgage at 95% LTV.

“Cambridge Building Society cut rates by up to 30 basis points and withdrew its five-year fixed deal at 80% LTV priced at 2.64%, and Coventry Building Society cuts rates by up to 21 basis points.

“Principality Building Society withdrew its fixed mortgages priced at 1.45% to 30 April 2024 and 1.61% to 30 April 2027 and West Brom Building Society launched new deals with £250 cashback, but also increased selected fixed rates by up to 15 basis points.

“Nationwide also made changes this week, launching new deals from 2.09% but also withdrawing some deals at 85% LTV and 90% LTV.

“Joining the new deal launches were Newbury Building Society, with a deal priced at 2.24% to 29 March 2024 at 75% LTV and Vernon Building Society, with a 95% LTV deal priced at 2.99% to 31 March 2027.

“Away from building societies, the lenders to increase selected fixed rates this week included NatWest and RBS by up to 10 basis points, first direct by up to 15 basis points, Masthaven Bank by up to 15 basis points as well, and Lloyds Bank, by up to 40 basis points.

“Lenders to cut their rates include Virgin Money for Intermediaries, by up to 32 basis points, which also withdrew its 2.64% five-year fixed at 80% LTV and launched new rates from 1.99% via intermediaries.

“Lastly, Habito made cuts of up to 20 basis points on fixed deals with 31- to 35- and 36- to 40-year terms.”