The average rate for a three-year fixed mortgage rate fell from 2.65% to 2.59% this week, shows Moneyfacts data.
At the same time, the average two- and five-year fixes stayed still at 2.53% and 2.76%, respectively.
The average rate for a 10-year fix rose, meanwhile, going from 2.97% to 2.99%.
Two-year fixes
In the 95% LTV bracket, the average rate lost 2 basis points, going from 3.73% to 3.71%.
This movement was repeated at 90% LTV, which saw its average rate lose 3 basis points, going from 3.18% to 3.15%.
The most significant change in this fix occurred at 65% LTV, however, which saw the average rate gain 4 basis points – moving from 2.32% to 2.36%.
Three-year fixes
There was a 7 basis point movement at 90% LTV within this fix, with the average rate tumbling from 3.41% to 3.34%.
And at 85% LTV, the average rate fell by a similar amount, heading from 2.81% to 2.75%.
At 75% LTV, meanwhile, the average rate dropped significantly as well – by 7 basis points, from 2.03% to 1.96%.
Five-year fixes
It was a far quieter week at this fix. The 90% LTV average rate lost 3 basis points, ending the week at 3.48% and the 65% LTV average rate dropped 4 basis points, going from 2.31% to 2.35%.
10-year fixes
The only two changes within this fix occurred at 75% LTV, which gained 4 basis points, climbing to 2.80% and at 60% LTV, the rate of which also moved upwards – this time by 3 basis points to 2.48%.
Moneyfacts finance expert Eleanor Williams says: “Product choice has improved further this week as lenders continue to update their ranges to appeal to borrowers.
“Rate amendments continue to make up a notable part of the changes processed this week with some providers focusing their re-pricing in the higher LTV tiers.
“Some significant rate slashes to selected products were seen from Kensington, which reduced fixed rates at 90% LTV by as much as 0.70% and added new products for large loans to its range, and also from First Direct, which made rate cuts to selected 85% and 90% LTV fixed rates of up to 0.30% and also to various offset products of up to 0.60%.
“Elsewhere, TSB balanced rate increases of up to 0.25%, with reductions of up to 0.55% across selected fixed rates and rate competition continues to be evident across the sector as brands such as Barclays and NatWest/RBS also made cuts to selected deals.”
