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Average two and three-year fixed rates have fallen by 4 basis points over the past week and 10-year deals by 8bps, following a wave of price cutting by lenders.
The latest weekly rate watch from Moneyfacts shows that five-year fixes have come down by slightly less with the average rate now 3bps lower than last Friday.
This marks a steeper drop than over the previous week when two and five-year deals ticked down by only a single basis point.
Two-year fixed rates
Following the latest round of price cuts, the average two-year fix is now 5.88%, down from 5.92% a week ago.
The biggest fall was in the 60% LTV tier where average rates were down 6bps from 5.39% to 5.33%.
In the 85%, 70% and 65% LTV tiers average rates dropped by 5bps, while in the 80% tier they were down 4bps.
Three-year fixed rates
Average three-year fixes were down by 4bps from 5.63% to 5.59%.
The 80% LTV tier saw the biggest fall with average rates down 6bps from 5.84% to 5.78%
At 85%, 75% and 60% LTV, rates were down by 5bps compared to last week, while at 95% LTV they were down by 4bps.
Five-year fixed rates
Average five-year fixes dipped by 3bps from 5.5% to 5.47%.
The biggest reduction was to 60% LTV rates, which were down by 5bps from an average of 5.01% to 4.95%.
At 70% LTV rates were down by 5bps from 5.88 to 5.83%.
Rates at 75% and 80% LTV were down by 4bps, while other LTV tiers edged down only slightly from last week.
Ten-year fixed rates
Long-term deals saw the steepest fall over the past week as the average 10-year fixed dropped by 8bps from 6.01% to 5.93%.
Moneyfacts finance expert Rachel Springall says: “Some of the biggest banks in the country cut fixed mortgage rates this week along with some of the biggest mutuals.
“As there were just over twenty brands cutting selected rates, such activity led to a drop in overall average rates week-on-week.
“The prominent brands to reduce selected fixed rates this week included NatWest by up to 23bps, Lloyds Bank by up to 22bps, Halifax by up to 17bps, Santander by up to 15bps and Virgin Money by up to 12bps.
“Building societies also made a few rate moves this week, those to reduce fixed rates included Yorkshire Building Society by up to 25bps, Progressive Building Society by up to 24bps, Cumberland Building Society by up to 60bps, Saffron Building Society by up to 60bps and Furness Building Society by up to 20bps.”
Other big cuts included MPowered Mortgages by up to 30bps,Clydesdale Bank by up to 28bps Accord Mortgages by up to 20bps, Live More Capital reduced by up to 50bps and The Co-operative Bank by up to 32bps.
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