The average two-year fix rate dropped from 2.04 per cent to 2.02 per cent this week, according to data from Moneyfacts.

Elsewhere, the average five-year fix dropped too, while both the three-year fix and ten-year fix were static.

Two-year fixes

The most significant movement was within the 85 per cent LTV category, where the average rate plummeted from 2.22 per cent to 2.11 per cent. Meanwhile, at 65 per cent LTV, the average rate dropped from 1.75 per cent to 1.68 per cent.

Falls were evident at 90 per cent LTV and 80 per cent LTV too, with the former rate dropping from 2.34 per cent to 2.30 per cent and the latter from 2.17 per cent to 2.13 per cent.

The biggest rate increase was witnessed at 70 per cent LTV, going from 2.09 per cent to 2.12 per cent.

Three-year fixes

The average rate across all LTVs stayed at 2.29 per cent.

There was movement within the LTV bands, however.

At 95 per cent LTV, the rate fell from 3.44 per cent to 3.36 per cent, and at 60 per cent LTV, from 2.19 per cent to 2.13 per cent.

The biggest move was in the opposite direction, though. At 90 per cent LTV, the average rate jumped from 2.39 per cent to 2.50 per cent.

Five-year fixes

The average rate echoed that of the two-year rate, shedding 2 basis points, from 2.29 per cent to 2.27 per cent.

The biggest move was at 65 per cent LTV, where the average rate fell in dramatic fashion – from 1.93 per cent to 1.79 per cent. This was followed by a far more modest drop at 75 per cent LTV, from 2.25 per cent to 2.22 per cent.

Elsewhere within this category thing were quiet.

10-year fixes

There was no movement in the average rate across all LTVs, stubborn at 2.63 per cent across the week.

However, this disguises wilder movement within: At 90 per cent LTV the average rate fell from 3.24 per cent to 3.06 per cent, and at 65 LTV from 2.34 per cent to 2.27 per cent. The slight gains and lack of movement at other LTVs was enough to counterbalance these moves, however.

Moneyfacts finance expert Rachel Springall says: “This week we have seen an array of new mortgage deals launch onto the market, including a 90 per cent LTV fixed deal aimed at first-time buyers from Yorkshire and Clydesdale Bank.

“This is a positive sign, but there is still some way to go for choice to expand to what it was before March. A few lenders have cut their fixed rates this week, including Virgin Money making cuts up to 0.23 per cent.

“Lenders are clearly still adapting their product range with market movements, indeed in the weeks to come we may see more activity now that consumers can house hunt and some individuals return to work.”