Barclays has reduced rates on selected products across its purchase, remortgage and reward ranges by as much as 0.20%.

For remortgage products, the five-year fixed at 60% loan-to-value (LTV) with a £999 fee has been lowered from 4.37% to 4.17%.

Meanwhile, the Great Escape two-year fixed at 60% LTV with no product fee has been reduced from 4.72% to 4.62%.

Within the purchase range, reductions include the two-year fixed at 90% LTV with no product fee, which has gone down from 5.49% to 5.39%.

The lender has also lowered the two-year fixed at 75% LTV with a £899 fee, which now sits at 4.36%, down from 4.46%.

Barclays head of mortgage and savings Mark Arnold says: “I’m delighted we’re able to decrease core mortgage rates again, after what has been a very volatile period in the swap markets.”

“As we have done during the course of this year, when we see an opportunity in the swap markets we will act swiftly to pass on the benefit to our mortgage customers.”

John Charcol mortgage technical manager Nicholas Mendes says: “Barclays has made a bold move as the first high street lender to cut mortgage rates in response to recent market changes. With swap rates easing over the past couple of days, it’s great to see a lender acting quickly to reflect the slightly improving conditions.”

“While these reductions won’t change the world, they do offer a bit of breathing room for borrowers, especially after the recent trend of rising rates among high street lenders.”

“This could also signal the potential for more repricing across the market if conditions remain stable. It’s a small but positive step in the mortgage landscape, bringing a glimmer of hope to those navigating the current borrowing climate.”