The average rate for a five-year fixed mortgage product crept up from 2.73 per cent at the start of this week to 2.74 per cent today, shows data from Moneyfacts.

This appears to have been driven by upticks in the rate within the 90 per cent LTV, 85 per cent LTV, 80 per cent LTV, 70 per cent LTV, and 50 per cent LTV bands for this product type.

There was a drop in the 95 per cent LTV band though, with first-time buyers able to benefit from an average rate of 3.51 per cent instead of the 3.53 per cent seen at the start of the week.

Elsewhere little change occurred. The average rate for a two-year fix remained at 2.42 per cent, the three-year fix at 2.52 per cent, and 2.75 per cent for the ten-year fix.

Standout changes by lenders included Halifax reducing rates on its two-year fix by up to 0.29 per cent as well as a series of increases on its five-year products of up to 0.32 per cent.

Moneyfacts finance expert Eleanor Williams says: “A slightly quieter week for changes in the mortgage market than we have seen of late, perhaps due to the Bank of England’s decision to hold base rate on the 30th.

“The most notable lender to make changes was Halifax, which made a mix of both increases but also rate reductions. As Halifax remains a prominent high street brand, borrowers may therefore want to keep an eye out for other lenders choosing to follow suit.”