The average three-year fixed rate fell by 4 basis points last week, while two- and five-year deals fell by 1 bp, according to the latest weekly analysis from Moneyfacts.
After these cuts, the average for two-year fixed rates across all loan-to-value tiers is now 4.87%, for three-year fixed rates it is now 4.76% and for five-year fixed rates it is now 4.92%, Moneyfacts found.
Certain LTV bands experienced a more substantial decline.
Average three-year fixed rates at 95% LTV fell by 6 basis points to 5.37%, at 80% LTV they fell by the same margin to 4.79% and at 70% LTV they also fell by 6 basis points but remained expensive compared to higher LTVs of 5.16%.
Other notable moves included the average two-year fixed rate at 60% LTV, which fell 4 basis points to 4.32%, and the five-year fixed rate at 65% LTV, which fell by the same margin to 4.92%.
Some of the biggest cuts by mainstream lenders came from Leeds Building Society (up to 38 basis points) and Halifax and TSB (up to 20 basis points).
Virgin Money reduced fixed rates by up to 13 basis points, Nationwide Building Society by up to 14 basis points, Melton by up to 15 basis points, Lloyds by up to 9 basis points and Furness by up to 26 basis points.
Major price moves from specialist lenders included Kensington cutting rates by up to 47 basis points, while others rose by up to 10 basis points.
Gen H cut some deals by up to 20 basis points but increased others by up to 10 basis points and Bank of Ireland for intermediaries cut prices by up to 14 basis points.
Rachel Springall’s finance expert at Moneyfactscompare.co.uk says that despite the above, the overall scale of rate cuts by lenders was muted this week as many appeared to be waiting for the Budget to unfold.
But she says: “Fortunately, the swap market looks relatively stable in the aftermath, and this will be an encouraging signal for lenders to consider cutting rates in the coming weeks.
“Only a handful of lenders have cut fixed rates, but this includes some significant cuts from Leeds, Halifax and TSB.
“Nationwide has also reduced its offering, including its two-year fixed rate which now stands at 3.6% for two years, which is one of the lowest fixed rates in the entire mortgage market.
“As we approach the end of November, it may surprise borrowers to know that more than 40 lenders have cut fixed mortgage rates this month, so it’s a perfect time to get advice to assess what new deals are available.”