The average two-year fix fell again during the week, from 2.06 per cent last Thursday to 2.04 per cent today.

Elsewhere, the three-year fix average rate stayed at 2.30 per cent and the five-year fix dropped, from 2.33 per cent on average to 2.29 per cent.

The average rate for a ten-year fix stayed at 2.64 per cent across the week.

Two-year fixes

The biggest change within two-year fixes was at 85 per cent LTV, where the average rate dropped from 2.28 per cent to 2.21 per cent, followed by 80 per cent LTV, where rates fell from 2.22 per cent to 2.16 per cent.

Downward movement occurred at 50 per cent LTV too, from 1.92 per cent to 1.88 per cent.

The only increase in rates was at 70 per cent LTV, from 2.10 per cent on average to 2.11 per cent.

Three-year fixes

At this LTV band, barely any movement occurred, except for at 70 per cent LTV, where the average rate went up from 2.49 per cent to 2.56 per cent.

The only other notable change was at 80 per cent LTV. Here, the average rate fell from 2.39 per cent to 2.36 per cent.

Five-year fixes

Significant drops were seen at 95 per cent LTV, where the average rate fell from 3.62 per cent to 3.48 per cent, and at 85 per cent LTV, where the rate dropped from 2.57 per cent to 2.48 per cent.

Meanwhile, at 80 per cent LTV, the rate fell from 2.45 per cent to 2.38 per cent.

At 90 per cent LTV the average rate increased slightly, from 2.65 per cent to 2.67 per cent.

10-year fixes

Here, at 85 per cent LTV the average rate dropped from 2.84 per cent to 2.79 per cent.

At 90 per cent LTV, the rate grew, from 3.24 per cent to 3.29 per cent. There was no other significant movement within this LTV category.

Moneyfacts finance expert Eleanor Williams says: “This week continues the encouraging trend of lenders refreshing their product ranges and starting to widen the LTV caps which were put in place early in the Covid-19 crisis. Fuelling the low average rates we are seeing, a number of lenders made significant rate reductions and launched competitive new deals.

“Santander, Accord Mortgages, Yorkshire Building Society and Coventry Building Society have launched new products and refreshed their ranges, which include deals providing up to 85 per cent LTV and TSB launched new rates at 80 per cent LTV.

“We have also seen rate reductions from a number of providers, with Leeds BS reducing some deals by up to 0.24 per cent and Coventry BS also making some significant rate reductions across selected deals of as much as 0.21 per cent.

“Lenders are continuing to adapt and amend their offerings to keep pace with an ever-changing landscape.”