Rates for two-, five- and 10-year fixes increased over the week, shows Moneyfacts.

The average two-year fix moved from 2.52 per cent to 2.53 per cent, at the five-year fix from 2.70 per cent to 2.71 per cent, and for the 10-year fix grew from 2.84 per cent to 2.85 per cent.

During the same time frame, the average three-year fix held firm at 2.75 per cent.

Two-year fix

There were slightly increases towards the upper LTV brackets: at 80 per cent LTV the average rate ticked up from 2.70 per cent to 2.72 per cent and at 75 per cent LTV, from 2.26 per cent to 2.29 per cent.

At 60 per cent LTV, the average rate dropped from 1.74 per cent to 1.72 per cent.

Three-year fix

The most significant change here was at 90 per cent LTV, where the average rate jumped 7 basis points to reach 3.58 per cent.

And at 80 per cent LTV the average rate fell, from 2.92 per cent to 2.87 per cent and at 75 per cent LTV from 2.34 per cent to 2.32 per cent.

Five-year fix

There was a 7-basis point change here, too: at 95 per cent LTV the average rate rose from 3.62 per cent to 3.69 per cent.

The second biggest change occurred at 50 per cent LTV, which saw the average rate gain 5 basis points to come in at 2.50 per cent.

10-year fix

Unusually, the biggest average rate change of the week was found within this fix: at 65 per cent LTV the average rate dropped 16 basis points, going from 2.61 per cent to 2.45 per cent.

Moneyfacts finance expert Eleanor Williams says: “Several providers have amended their residential ranges this week with a number making rate reductions, including Skipton Building Society, which dropped selected rates by up to 0.54 per cent, and First Direct, which made cuts of up to 0.30 per cent.

“There was also further activity in the higher LTV tiers, with changes from lenders such as HSBC – who as well as making rate reductions of up to 0.20 per cent, launched products at 90 per cent LTV – while Nationwide repriced their offerings for those with 10 per cent deposit and reduced various other rates by as much as 0.45 per cent.

“Virgin Money, Accord Mortgage and Platform also launched deals at 90 per cent LTV, fuelling a rise in competition in this sector that is likely to be welcomed by those hoping to secure a mortgage with a lower level of deposit or equity.

“However, while the mortgage market remains volatile and some average rates have increased of late, would-be borrowers would be wise to seek advice to assess the overall package and balance a competitive initial rate with any associated costs or indeed incentives offered.”