The average two-year fixed rate has remained at 2.42 per cent week-on-week, according to data collected by Moneyfacts.

Last month, the average two-year fixed rate was at 2.42 per cent, and last year the rate was recorded at 2.51 per cent.

Average rates in the two-year 60 per cent LTV category, 70 per cent LTV category, 90 per cent LTV category and the 95 per cent LTV category all recorded a decline on a weekly basis.

Meanwhile, average rates in the 65 per cent LTV category noted an increase, and average rates in the 75 per cent LTV category, 80 per cent LTV category and 85 per cent LTV category remained unchanged.

Turning to the average five-year fixed rates, the 60 per cent LTV category, 70 per cent LTV category, 80 per cent LTV category, 90 per cent LTV category and the 95 per cent LTV category all rose week-on-week.

However, average rates in the 75 per cent LTV category dropped, and average rates in the 65 per cent LTV category and 85 per cent LTV category remained unchanged.

Moneyfacts finance expert Rachel Springall says: “There has not been many big changes in the market this week. However, rates have still moved marginally up and down.

“It is good to see that average rates at the high-LTVs for both two- and five-year products have been reduced, highlighting a rise in competition.

“The five-year market has grown increasingly flexible recently, outlining that lenders are moving into the higher term products in order to remain competitive.”