Average rate drops occurred within every major fix this week, Moneyfacts data shows.
The three-year fix led events, seeing 10 basis points removed from its average rate, taking it to 5.81%.
Behind this, the average rate for a five-year fix lost 5 basis points, moving to 5.58%, and the average rate for a two-year fix fell by 4 basis points, to 5.75%.
The average rate for 10-year fix, meanwhile, dipped by 1 basis point, finishing the week at 5.46%.
Two-year fixes
Significant changes within this fix included the 90% LTV rate, which fell by 4 basis points, taking its rate to 5.85% and the 80% LTV, which saw its average rate shed 5 basis points to come to 5.92%.
Three-year fixes
The biggest shift here this week was at 80% LTV, where a 16 basis point drop left the average rate at 5.96%.
Meanwhile, both the 90% LTV and 60% LTV average rates lost 11 basis points apiece, giving new prices of 5.60% and 5.72%, respectively.
And a 10 basis point fall at 95% LTV left the average rate for first-time buyers at 5.79%.
Five-year fixes
There was a noteworthy drop in the average rate at 90% LTV, which fell by 5 basis points to 5.54% and at 80% LTV, which hosted a 6 basis point reduction to leave the average price at 5.71%.
Meanwhile, at 65% LTV, the average rate gained 3 basis points, shifting to 6.20%.
10-year fixes
There were just two rate moves large enough to register here this week – at 75% LTV, which dropped 3 basis points to 5.09% and at 60% LTV, which ticked down by a single basis point to 5.41%.
Moneyfacts finance expert Eleanor Williams says: “Leading the charge with rate reductions this week was Barclays, which this morning slashed up to a notable 1.20% from selected fixed rate products, and also increased the rates on two ‘Springboard’ deals by 0.40%. Both Precise Mortgages and Kent Reliance have also made significant rate cuts of up to 1.10% across fixed rate deals today, as well as both withdrawing four-year fixed products from their respective ranges.
“From the mutuals we’ve seen further repricing, with Leeds Building Society making reductions of up to 0.80% across selected deals as well as launching a couple of new variable tracker products this week, while Furness Building Society and Newcastle Building Society both included cuts of up to 0.70% across selected fixed options in their changes. Nationwide Building Society has reduced some of its fixed deals by up to 0.60% today and has also amended its standard mortgage rate with an increase of 0.50%.
“Yorkshire Bank updated its residential range with reductions of up to 0.43% across a number of fixed rate deals. Virgin Money made an array of changes in its update which included revamping its intermediary exclusive range and one of its 10-year fixed deals receiving a 0.39% reduction. Halifax introduced new variable tracker deals to market this week starting from 4.09%, as did Kensington where new variable rates start from 6.05%.
“Amendments to discounted variable rate products have also been prevalent this week, with updates from providers such as Darlington Building Society, which reduced a couple of relevant products by up to 0.84%. Melton Building Society reduced one of its two-year discounted variable products by 0.69% – as well as introducing new fixed rates, and Suffolk Building Society cut up to 0.40% from a selection of its discounted variable rate mortgages.”
