Average two and three-year fixed rates have edged downwards by 3 basis points over the past week, while the average five-year rate is 2bps lower.
The latest rate watch data from Moneyfacts shows the average two-year fix is now 5.65%, the three-year average is now 5.38% and the five-year average is 5.61%.
It follows multiple reductions over the past seven days including by major brands like Halifax, Lloyds and HSBC, as well as by many specialist and buy-to-let lenders.
Within individual product categories there have been some steeper falls.
The sharpest reduction was to three-year fixes at 70% loan-to-value, which fell 9bps to 5.65%, while five-year fixes at the same LTV dropped 5bps to 5.37%.
There was also some good news for borrowers with smaller deposits as two-year fixes at 90% LTV dropped 5bps to 5.89% and three-year fixes at the same LTV were down 4bps to 5.55%.
Average fixed rates continue to fall: Moneyfacts – Mortgage Strategy
