This week, the average rate for a two-year fixed mortgage rose 2 basis points, moving from 2.52 per cent to 2.54 per cent.
At the same time, the average three-year fix fell from 2.79 per cent to 2.75 per cent, the average five-year fix gained 2 basis points, from 2.70 per cent to 2.72 per cent, and the average 10-year fix was static, at 2.85 per cent.
Two-year fixes
The most significant change within this fix was at 85 per cent LTV, where the average rate dropped from 3.09 per cent to 3.03 per cent.
The second-biggest occurred at 70 per cent LTV, with the average rate gaining 3 basis points to finish the week at 2.48 per cent.
Three-year fixes
The three largest changes here were all rate falls – at 85 per cent LTV, the average rate shed 8 basis points, moving from 3.05 per cent to 2.97 per cent, and at 80 per cent LTV the rate dropped 4 basis points, going from 2.82 per cent to 2.78 per cent.
At 75 per cent LTV, the average rate lost 5 basis points, dropping from 2.30 per cent to 2.25 per cent.
Five-year fixes
At 75 per cent LTV, the average rate moved from 2.34 per cent to 2.45 per cent – a total of 11 basis points gained.
Meanwhile, at 50 per cent LTV, the average rate lost 6 basis points to finish at 2.49 per cent.
10-year fixes
There was no movement whatsoever at this fix this week.
Moneyfacts finance expert Eleanor Williams says: “Another busy week for updates in the residential mortgage sector. Some providers continued the recent re-pricing trend, with Lloyds Bank and Halifax both making two updates to their ranges this week.
“The changes from Halifax included reductions of up to 0.35 per cent or increases of up to 0.14 per cent on selected deals, and Lloyds similarly balanced rate rises and reductions of up to 0.13 per cent on some products.
“A large number of the building societies took this first week of February to introduce new deals of varying types into their ranges, amongst those both Ipswich BS and Leek United BS launched 90 per cent LTV products.
“Those interested in borrowing for those with a 10 per cent deposit or equity may also have been pleased to note that Metro Bank reduced their five-year fixed 85 per cent and 90 per cent LTV products, and Santander also expanded its offerings in the 90 per cent lending tier and elsewhere made selected rate cuts of up to 0.15 per cent.”
