The headline average rates on a fixed mortgage changed little this week, with the rate for a two- and three-year fix rising by 1 basis point apiece to arrive at 2.57 per cent and 2.65 per cent, respectively.

The average rate for a five-year fix stayed at 2.75 per cent and for a 10-year fix, at 2.84 per cent, Moneyfacts data shows.

Two-year fixes

It was a quiet week within the two-year fix: most significantly, the 65 per cent LTV average rate dropped by 2 basis points to end the week at 2.36 per cent and the 90 per cent LTV average rate fell from 3.50 per cent to 3.49 per cent.

Three-year fixes

At 80 per cent LTV, the average rate decreased from 2.62 per cent to 2.60 per cent and, at 75 per cent LTV, from 2.13 per cent to 2.11 per cent.

There were falls at higher LTVs, too – at 90 per cent LTV from 3.56 per cent to 3.55 per cent and at 85 per cent LTV, from 2.95 per cent to 2.94 per cent.

Five-year fixes

One of the larger rate changes occurred within this fix: at 65 per cent LTV the average rate moved from 2.38 per cent to 2.34 per cent.

And at 70 per cent LTV, the average rate shed 2 basis points to end the week at 2.64 per cent.

10-year fixes

Concluding the quiet week were zero changes within this fix.

Moneyfacts finance expert Rachel Springall says: “This week there has been a mix of activity from some lenders moving to cut fixed rates, such as from well-known high street banks NatWest/RBS and TSB of up to 0.05 per cent and 0.10 per cent, respectively.

“Building societies have also been in action this week with a selection of reductions and the most notable were from Bath BS of up to 0.60 per cent, Coventry BS of up to 0.30 per cent, Chelsea BS of up to 0.22 per cent and Skipton BS of up to 0.20 per cent.

“West Brom BS also made rate cuts to its range and introduced a £250 cashback incentive added to selected 90 per cent LTV mortgages complimenting its incentive package and is great news for borrowers looking to save on the upfront cost of their deal.”