Meanwhile, the average rate for a three-year fix gained 5 basis points, moving to 5.91%, while the average rate for a five- and 10-year fix were static, at 5.63% and 5.47%, respectively.
Two-year fixes
The biggest change within this fix took place at 60% LTV, where the average rate lost 8 basis points to come to 5.39%.
And at 75% LTV, the average rate fell by 4 basis points, giving a new price of 5.68%.
Three-year fixes
The overall rate rise appears to have been mainly driven by activity at 70% LTV, where the rate climbed by 122 basis points to 7.68%.
At 80% LTV, the average rate rose 10 basis points, to 6.12%, and at 60% LTV a 9 basis point gain saw the average rate finish the year at 5.83%.
Five-year fixes
The only change of significance here was at 60% LTV, where the average rate dropped 3 basis points to 5.33%.
10-year fixes
At 80% LTV the average rate lost 4 basis points, moving to 5.36% and, at 75% LTV, the average rate dipped by 2 basis points, giving a price of 5.12%.
Moneyfacts finance expert Eleanor Williams comments: “Activity in the mortgage sector this week has included a mixture of provider updates, some, of course, as a direct result of the decision to raise base rate earlier this month. Amendments to variable tracker products, Standard Variable and revert rates dominated the beginning of this week.
“Those to put up their SVRs or revert rates by 0.50% included Halifax, Lloyds, Aldermore and Santander, and variable tracker rate updates came from lenders such as the NatWest group, Nationwide Building Society and Santander.
“Rate cuts remain a prevalent theme in the residential sector, with some notable fixed rate re-pricing coming from TSB this morning, where two-year fixed rates without a fee saw reductions of as much as 1.40%. Skipton Building Society slashed up to 0.63% from its ‘Large Loan’ products and tweaked a couple of its fixed rate deals for new build properties with cuts of up to 0.42%.
“HSBC and first direct made reductions of up to 0.55% across selected fixed rate deals, resulting in a number of the newly priced deals from first direct finding a place within our top tables for residential mortgages.
“West Brom Building Society also included rate cuts in its latest update, with some fixed rate deals falling by up to 0.50%, as well as launching a couple of products for remortgage borrowers, changes which were echoed over at Tipton & Coseley Building Society where some fixed rates were reduced by up to 0.40% and new fixed rate deals (in this case both house purchase and remortgage products) were introduced. Another lender to be part of the re-pricing trend this week was Accord Mortgages, with selected of its fixed rate deals dropping by up to 0.24%.”
