Fixed rate mortgage cuts continue to be the general choice among lenders this week, but as Moneyfacts spokesperson Caitlyn Eastell observes, the momentum has cooled a little on previous weeks.

Week-on-week, the reductions pushed the average two- and five-year fixed rates marginally lower to 5.10% and 5.07%, respectively.

The major brands to reduce selected fixed rates this week included TSB by up to 0.10%, Lloyds Bank by up to 0.09%, Halifax by up to 0.09%, Barclays Mortgage by up to 0.49%, Santander by up to 0.19%, and HSBC by up to 0.21%. However, Lloyds Banks and Halifax also moved to increase rates by up to 0.14%.

Building societies made a few rate moves this week, those to cut included Yorkshire Building Society by up to 0.44%, West Brom Building Society by up to 0.23%, Principality Building Society by 0.01%, Vernon Building Society by up to 0.11%, Suffolk Building Society by up to 0.24%, Newcastle Building Society by up to 0.40% and Leek Building Society by up to 0.15%.

A few non-mutual lenders moved to reduce rates such as The Mortgage Lender by up to 0.35%, Bluestone Mortgages by up to 0.25%, Atom Bank by up to 0.15%.

However there were rate rises too –  Nationwide Building Society increased by up to 0.25%, Leeds Building Society by 0.10%, Yorkshire Building Society by up to 0.10%, Principality Building Society by up to 0.12%, Leeds Building Society by up to 0.10%, Loughborough Building Society by up to 0.30% and Vernon Building Society by up to 0.20%.

According to Eastell, one of the eye-catching deals to hit the market this week was a two-year fixed rate deal from HSBC, priced at 4.81% and available at 95% loan-to-value for home buyers.

“It includes a free valuation and £500 cashback, adding to its appeal there is also no product fee making this an ideal option for borrowers with smaller deposits and are looking to save on the upfront cost of their mortgage.”

Commenting on the current market, she added: “It is promising to see the rate cutting trend continue this week and it will likely please both existing and prospective borrowers, as they may start seeing improvements to their monthly repayments after they secure the most competitive deals.

“However, with inflation hitting its highest level in over a year it could be that the Bank of England holds off on any further base rate cuts to get inflation back under control and closer to their 2% target.”