The average mortgage interest rate fell by smaller margins this week, as fewer lenders made drastic cuts, according to weekly figures from Moneyfacts.
The two-year fixed rate fell by 3 basis points from an average of 5.6% last Friday to 5.57% today.
Average three-year interest rates fell by 2 basis points from 5.39% to 5.37% over the same period
The five-year fixed rate also fell by 2 basis points from an average of 5.23% to 5.21%
The average 10-year interest rate remained unchanged at 5.63%.
Prominent brands cutting selected fixed rates this week included TSB by up to 45 basis points and Virgin Money by up to 28 basis points.
In the mutual sector, Melton Building Society cut rates by up to 34 basis points and Mansfield Building Society by up to 60 basis points.
Other major cuts included Kent Reliance by up to 105 basis points, The Mortgage Lender by up to 35 basis points, Clydesdale Bank by up to 42 basis points, Accord by up to 35 basis points, MPowered by up to 16 basis points and LendInvest by up to 15 basis points.
Moneyfacts finance expert Rachel Springall says: “The mortgage market has been much quieter this week in terms of rate reviews, but there were some lenders who have scaled back deals by significant margins.
“These movements lead to a decrease in the overall average rates week after week.
“A number of high-profile deals came to light this week, including a five-year fixed rate deal from Virgin Money, priced at 4.59% and available at 90% loan-to-value for homebuying customers. It charges a product fee of £995, which is offset by a £300 cashback incentive, so this could be an attractive choice for a limited deposit.
“It may have been a more subdued week for the number of lenders making rate cuts, but the market could spring into action once September starts.
“Swap rates are still lower than a month ago, so lenders will consider this point.”