Fixed rate cuts took precedence in the mortgage market this week, and as Moneyfacts finance expert Rachel Springall points out, this included notable cuts by some of the biggest lenders in the country, leading to a drop in overall average rates week-on-week.

“The prominent brands to reduce selected fixed rates this week included Lloyds Bank by up to 0.32%, Halifax by up to 0.32%, TSB by up to 0.25%, HSBC by up to 0.24%, NatWest by up to 0.16%, but also made increases of up to 0.15%,” Springall explains.

Building societies also made a few rate moves this week, those to reduce fixed rates included Nationwide Building Society by up to 0.26%, Skipton Building Society by up to 0.40%, Leeds Building Society by up to 0.35%, Furness Building Society by up to 0.35%, Cumberland Building Society by up to 0.20%, Yorkshire Building Society by up to 0.20%, Family Building Society by up to 0.30% and Monmouthshire Building Society by up to 0.20%.

The rate-cutting didn’t stop there, a few more lenders moved to reduce rates which included Kensington by up to 0.55%, MPowered Mortgages by up to 0.17% and Gen H by up to 0.20%, but the lender also made increases of up to 0.20%.

Springall also name-checked some eye-catching deals to surface this week, including a five-year fixed rate deal from Skipton Building Society, priced at 5.19% and available at 95% loan-to-value for house purchase customers, it carries a free valuation and does not charge a product fee, so this could be an attractive choice for borrowers looking to save on the upfront cost of their mortgage.

She concluded: “The rate cutting trend continues which is a positive sentiment for the mortgage market as lenders are working hard to entice borrowers.”