Average fixes eased this week, as lenders continued to battle for market share while the Bank of England base rate remained stable.  

The average rate for two-year fixes fell by 4 basis points to 6.04%, while the average rate for three-year fixes lifted by a single basis point to 5.83%, according to Moneyfacts data.   

The average rate for five-year fixes fell by 3 basis points to 5.65%, and 10-year fixes ended the week unchanged at 5.96%.  

Two-year fixes    

The largest falls in this term came at the 65% LTV average rate, which tumbled by 10 basis points to 6.05%, followed by the 50% LTV average rate, down 9 basis points to 5.80%.  

The 95% LTV average rate and the 85% LTV average rate both fell by 4 basis points to 6.34% and 6.21%, respectively.  

Three-year fixes  

The biggest decline at this level saw the 65% LTV average rate fall by 8 basis points to 5.76%, followed by the 90% LTV average rate, which slipped by a single basis point to 5.89%.  

The 95% LTV average rate and the 85% LTV average rate both edged higher by a single basis point to 6.10% and 5.98%, respectively.  

Five-year fixes  

The largest falls in this term came at the 60% LTV average rate, which was 7 basis points lower at 5.20%, followed by the 65% LTV average rate, which fell 6 basis points to 5.85%.  

The 95% LTV average rate was 3 basis points lower at 5.73%, while the 85% LTV average rate fell by 5 basis points to 5.71%.  

10-year fixes  

All average rates at this level were unchanged.    

Moneyfacts spokesperson James Hyde says: “Fixed-rate reductions continued to take precedence in the mortgage market this week, as average fixed rates continue to gradually fall.  

“Big banks made some noteworthy cuts this week, such as Santander by up to 27 basis points, NatWest and RBS by up 40 basis points, Lloyds by up to 22 basis points, and Barclays Mortgage also reduced selected two-year fixed-rate deals by up to 39 basis points.  

“Among the building societies making reductions were — Leeds Building Society by up to 14 basis points, Cambridge Building Society by up to 50 basis points, Skipton Building Society by up to 20 basis points, Furness Building Society by up to 16 basis points,

“Also, the Progressive Building Society made cuts of up to 34 basis points, Principality Building Society by up to 23 basis points, Leek Building Society by up to 28 basis points, Bath Building Society by up to 55 basis points, and Coventry Building Society by up to 28 basis points.  

Hyde adds: “With frequent activity in the market at present, those reviewing their options would be advised to seek independent advice to find the most appropriate option for them.”