The average rate for a five-year fixed rate mortgage increased by 2 basis points this week, moving to 2.56%, shows fresh data from Moneyfacts.

Meanwhile, the average 10-year fix price edged up by 1 basis point to 2.99% and the average fix for a two-year product stayed at 2.25%.

At the same time, the average rate for a three-year fix lost 4 basis points, ending the week at 2.22%.

Two-year fixes

Here, the average rate at 95% LTV and 90% LTV each lost 3 basis points, dropping to 3.23% and 2.51% respectively.

The most significant change occurred at 65% LTV, where the average rate climbed 8 basis points to 2.24%.

Three-year fixes

There were three big changes at the higher-LTV end of the spectrum within this fix: At 95% LTV, the average rate decreased by 5 basis points to 3.21% and the average rate for a 90% LTV product lost 9 basis points, moving to 2.67%.

At 85% LTV, a 7 basis point drop saw the average rate finish the week at 2.23%.

A converse move occurred at 60% LTV, the average rate for which increased by 3 basis points, to 1.56%.

Five-year fixes

At 95% LTV, the average rate lost 3 basis points, decreasing to 3.52% while the average rate at 60% LTV gained 3 basis points, leaving the rate at 1.67%.

The biggest change took place at 65% LTV, however, which saw its average rate drop by 10 basis points to 2.48%.

10-year fixes

It was another unusually busy week for rates within this fix. At 85% LTV, the average rate ticked up by 1 basis point to 3.54% and at 75% LTV and 60% LTV, a 2 basis point gain apiece saw their rates move to 2.70% and 2.39%, respectively.

There was a small change downwards at 80% LTV, where the rate fell from 2.91% to 2.90%.

Moneyfacts finance expert Rachel Springall says: “This week saw a continuation of fixed rate price drops by various lenders, but there were also some rate rises and withdrawals thrown into the mix. However, rate cuts continue to dominate the market which has led to some deals improving their true cost package overall, ideal for borrowers seeking a new deal.

“There were several changes made by building societies this week, including a notable rate cuts of up to 0.60% by Furness Building Society on its selected fixed rates and reductions by Newcastle Building Society of up to 0.56% on selected fixed rates.

Leek United Building Society also made cuts on its two and five-year fixed house purchase mortgages of 0.50% and 0.34% respectively and opened them up to remortgage customers. Bath Building Society also reduced some of its three and five-year fixed rates by up to 0.40%.

“NatWest and Royal Bank of Scotland increased some of its selected fixed rate ‘green’ mortgages by 0.05% and Halifax increased some of its five-year fixed deals by up to 0.25%. Barclays made a mix of amends, with reductions of up to 0.19% and increases of up to 0.20% on selected deals.

“Finally, Nationwide also made a combination of cuts and rises, with selected fixed deals dropping by up to 0.35% and others rising by up to 0.25% – they also cut its two year trackers for remortgage customers by up to 0.23%.”