The average rate two-year fix fell 7 basis points, to 5.36% and the average rate for a three-year fix fell further – by 9 basis points to 5.23%.

And the five-year fix saw its average rate dip by 8 basis points, landing at 5.08%.

Two-year fixes

Changes of note within this fix occurred at 95% LTV, where the average rate reduced by 8 basis points, to 5.91%, and at 65% LTV, where the average rate shifted down by 23 basis points, taking it to 5.40%.

Three-year fixes

Here, the 95% LTV average rate fell by 14 basis points, leaving it at 5.53% while, at 80% LTV, the average rate dropped 15 basis points, moving it to 5.28%.

And at 70% LTV, the average rate lost 23 basis points, to 5.52%.

Five-year fixes

The 95% LTV average rate dropped within this fix too this week, but by a less significant 3 basis points, to 5.50%.

Meanwhile, at 80% LTV, the average rate fell 11 basis points, taking it to 5.16%.

The biggest change took place at 65% LTV though, the average rate of which fell 13 basis points, to 5.63%.

10-year fixes

It was a dramatic week for the 10-year fix. Moving progressively down from 95% LTV rates fell as follows:

• At 95% LTV, by 28 basis points to 5.64%
• At 90% LTV, by 63 basis points to 5.14%
• At 85% LTV, by 54 basis points to 5.04%
• At 80% LTV, by 41 basis points to 4.82%

Moneyfacts finance expert Eleanor Williams says: “Base rate linked product updates unsurprisingly made up a fair proportion of the changes in the residential sector this week. Updates to variable tracker deals with increases of 0.50% being processed throughout the week came from providers such as Santander, Nationwide Building Society, Lloyds Bank, TSB and the NatWest Group, to name a few.

“Revert rate and SVR changes in line with the 0.50% increase to base rate last week have also been prevalent, including from lenders such as Halifax, Aldermore, Post Office Money, The Co-operative Bank and Platform.

“However, in positive news for borrowers, average fixed rates have continued to fall this week and initial rate reductions still account for many of the recent changes across the sector.

“Foundation Home Loans made some notable cuts of up to 0.90% across selected fixed deals in its latest round of amendments, Marsden Building Society implemented reductions of as much as 0.80% to its ‘Older Borrower’ range and Nationwide reduced various fixed offerings, including cutting up to 0.75% from 10-year fixed products.

“HSBC also applied cuts across its fixed products of up to 0.45%, TSB of as much as 0.65% and the Mortgage Lender of a maximum of 0.66%. Elsewhere, Santander have cut up to 0.28% from some of its fixed rates, while MPowered Mortgages made various tweaks including reductions of up to 0.70% on 10-year fixed options.

“Product choice for prospective borrowers has also continued to improve, with numerous providers adding to their ranges this week. From the mutuals, this week saw Earl Shilton Building Society re-enter the residential market with a couple of discounted-variable rate offerings, Darlington Building Society introduced a couple of interest-only products and Yorkshire Building Society combined selected rate cuts of up to 0.25% with the launch of new 90% LTV fixed and tracker deals.

“Skipton Building Society was another provider to refresh its range, with some fixed products reducing by up to 0.18% and new options coming to market, too.”