High loan-to-value deals saw the biggest falls over the past week, according to the latest rate watch data from Moneyfacts.

Borrowers with low deposits benefitted from a drop in average two and five-year fixed rates at 90% and 95%.

The steepest reduction in any category was for average five-year fixed rates at 95% LTV, which came down by 5 bps from 5.64% to 5.59% over the week.

Five-year fixes at 90% LTV came down by 4 bps from 5.36% to 5.32%.

Average two-year fixes in both the 90% and 95% LTV tiers also dropped by 4 bps over the week to 5.59% and 5.76% and respectively.

The average two-year fixed rate taken across all LTV tiers edged down by 2 bps from 5.35% to 5.33%.

Across all LTVs, five-year fixed rates dipped by 1 bp to 5.18%, while three-year fixes ticked down by the same margin to 5.22%.

There was little movement in average rates at lower LTV tiers.

Average 10-year fixed rates remained static at 5.57%.

Moneyfacts spokesperson Caitlyn Eastell says: “Fixed rate cuts took precedence within the mortgage market this week and product launches were not too far behind.

“Only a handful of lenders moved to increase rates (by up to 11 bps).

“Overall, the reductions prevailed to push average rates lower.”

The most substantial rate cuts were from Clydesdale by up to 36 bps, West Brom by up to 29 bps, Nationwide by up to 26 bps, Accord by up to 25 bps and NatWest and Royal Bank of Scotland by up to 24 bps.

Eastell says: “One of the eye-catching deals to hit the market this week was a two-year fixed rate deal from Lloyds Bank, priced at 4.06% and available at 60% LTV for house purchase customers.

“The 9 bp cut in rate sees this deal become one of the lowest rates available in its sector without needing a connected current account.”

She says there was further positive news for buyers as the FCA announced its review into stress-testing and Gen H launched its New Build Boost product which aims to fill the gap left by the Help to Buy government scheme.