The majority of average fixes edged lower this week in a quieter seven days for home loan rates than the previous week, Moneyfacts data shows.
The average rate for a three-year fix fell by 8 basis points to 5.07%, while the average rate for a five-year and a 10-year fix both slipped by 1 basis point with both settling at 5.02%.
Only the average rate for a two-year fix edged higher by 1 basis point to 5.34%.
Two-year fixes
The biggest risers in this term saw the 80% LTV average rate, the 65% LTV average rate and the 50% LTV average rate, all lifting by 7 basis points to 5.39%, 5.32% and 5.06%, respectively.
The 95% LTV average rate was the biggest faller, down 7 basis points to 5.86%, while the 90% LTV average rate was 1 basis point lower at 5.55%.
Three-year fixes
The 70% LTV average rate was the biggest faller tumbling 22 basis points to 5.16%, followed by the 95% LTV average rate which was down 12 basis points to 5.58%.
The 90% LTV average rate fell by 11 basis points to 5.24%, while the 65% LTV average rate lifted by 4 basis points to 5.22%.
Five-year fixes
There was little movement in this term, with the 95% LTV average rate climbing by 5 basis points to 5.25%, and the 80% LTV average rate lifting by 2 basis points to 5.07%.
The 60% LTV average rate nudged 1 basis point higher to 4.67%, while the 90% LTV average rate and the 75% LTV average rate both slipped by 1 basis point to 5.13% and 4.95%, respectively.
10-year fixes
The only movement in this term saw the 75% LTV average rate lift 2 basis points to 4.68%.
Moneyfacts finance expert Rachel Springall says: “The activity within the mortgage market for fixed rate re-pricing was much more subdued this week, compared to the week prior.
“After the Bank of England base rate announcement last week, it has led to a few lenders increasing their tracker rates by 25 basis points, which included Nationwide Building Society and Santander.
“Over the last week, we also had more standard variable rate rises, with 25 basis points increases made by Furness Building Society, Post Office Money, Bank of Ireland, Foundation Home Loans, Aldermore, TSB, Scottish Widows Bank, NatWest and RBS, Lloyds Bank, Halifax, Gen H, Precise Mortgages and Kent Reliance. Loughborough Building Society passed on 55 basis points and Mansfield Building Society passed on 50 basis points.
“In the fixed-rate mortgage market, there were far fewer fixed rate rises compared to last week, but the market did see some new deals launched and a handful withdrawn.
TSB increased selected fixed rates by up to 10 basis points but also reduced some rates by up to 15 basis points, Coventry Building Society increased rates by up to 10 basis points, Cumberland Building Society increased selected rates by up to 15 basis points, but also cut some rates by 5 basis points.
“West Brom Building Society increased selected fixed rates by up to 20 basis points and MPowered Mortgages increased selected fixed rates by up to 25 basis points.
“The biggest fixed rate reductions came from Pepper Money, reducing selected fixed rates by up to 91 basis points and Gen H reducing fixed rates by up to 65 basis points. Elsewhere, Metro Bank made a reduction of 10 basis points on its selected fixed rates.
“There remains to be more lenders increasing fixed rates than those reducing them, and it is highly expected for rates to rise in the coming weeks due to swap rate volatility and the influence of the latest base rate rise.”
