Average two and five-year fixed rates have remained unchanged for the fourth consecutive week at 4.98% and 5.02% respectively, the latest ratewatch data from Moneyfacts reveals.
The data shows average mortgage rates at three-year fixes at 95% LTV saw the biggest fall down by 4 basis points to 5.49% while the largest increase was seen on three-year fixes at 65% LTV, where there was a rise of 11bps to 4.60%.
Apart from those changes, many categories saw no movement at all, or saw fixed rates edge up or down by one basis point or two.
The Moneyfacts average mortgage rate, across all LTVs and terms, remained at 5.01%.
The largest rate cuts were made by building societies while a handful of high street banks made fixed rate tweaks but the margin of cuts were far fewer than those made in September.
Building societies to make fixed rate moves this week included Mansfield Building Society, which trimmed prices by up to 0.30% and Harpenden Building Society, who made cuts of up to 0.20%.
High street lenders such as Halifax and Lloyds Bank increased rates by 0.13% or reduced by 0.05%, Barclays Bank moved to increase by up to 0.07% and NatWest cut by just 0.04%.
Other movers this week included MPowered Mortgages, which increased rates by up to 0.21% and Aldermore launched new fixed rates, including those at 95% LTV.
Moneyfacts also highlights Nationwide’s three-year fixed rate at 4.07% and available at 75% LTV remains an option for second-time buyers. It includes a free valuation and charges a £999 product fee, plus a green reward incentive.
Moneyfacts finance expert Rachel Springall says: “The momentum within the mortgage market continued the trend of a more cautionary approach from lenders this week. This is somewhat expected considering swap rates have been hovering around their 30-day highs.”
“It is looking unlikely for the Bank of England to cut base rate in November, but this should not deter borrowers. There are still some attractive deals for borrowers either looking to secure their first home or need to refinance before the year is over, so seeking advice to navigate the mortgage maze is wise.”
