The typical two-year fix is now 5.78%, a fall of 3bps on last week. The average five-year fix has fallen by 2bps to 5.68%.

The homeloan type seeing the largest average fall were two-year fixes to 50% LTV, which fell by 15bps to 5.38%.

Moneyfacts finance expert Rachel Springall said: “A handful of big banks stepped up to cut selected fixed rates this week, yet as a whole, the margins of cuts seen were not too sizable across each brand. This shows the careful balancing act for lenders to both offer a competitive deal to entice new business but also consider future rate expectations.

“Over the coming days we could see more lenders reprice to catch up to moving swap rates, but also to compete for new business, it’s all in the margins.

“The market needs more stability, so the longer the unrest in the Middle East goes on, the longer borrowers and lenders will be in limbo.”

Fixed rate moves

• April Mortgages: increased by up to 20bps
• Barclays Mortgage: reduced by up to 19bps and increased by up to 11bps
• Coventry Building Society: reduced by up to 40bps
• first direct: reduced by up to 30bps
• Furness Building Society: reduced by up to 39bps
• Gen H: increased by up to 25bps
• Hodge: increased by up to 21bps
• HSBC: reduced by up to 31bps
• Leeds Building Society: reduced by up to 12bps
• NatWest: reduced by up to 11bps
• NatWest Intermediary Solutions: reduced by up to 11bps
• Progressive Building Society: reduced by up to 50bps
• Royal Bank of Scotland: reduced by up to 11bps
• Scottish Building Society: increased by up to 20bps
• TSB: reduced by up to 35bps
• Tipton & Coseley Building Society: increased by up to 5bps
• West Brom Building Society: reduced by up to 22bps

Non-rate changes 

• Accord Mortgages: end dates extended across range
• Aldermore: income multiples amended
• Bank of Ireland (Intermediaries): new fixed range launched
• Bank of Ireland UK: new fixed range launched
• Buckinghamshire Building Society: new fixed, RIO and retirement products launched (up to 95% LTV)
• Chorley Building Society: 95% LTV fixed product withdrawn
• Earl Shilton Building Society: selected variable products withdrawn
• Gatehouse Bank: income multiples amended
• Harpenden Building Society: range replaced with new fixed and discounted variable products
• Principality Building Society: new self-employed/CIS fixed range launched
• Suffolk Building Society: new 90% LTV fixed product launched
• The Co-operative Bank: new fixed range launched
• Yorkshire Building Society: end dates extended across range