The average fixed rates of two years at 70% loan-to-value were the biggest movers in the past week, which fell with 23 basic points, according to figures from Moneyfacts.
In this level, the average rate fell from 5.4% to 5.17%, but in all LTV tires the average rate for two-year deals fell slightly by 2 bps from 5.37% to 5.35%.
The most substantial decrease in the average fixed rates of five years was also in the 70% LTV layer, with a 15 bps decrease from 5.37% to 5.22%, while all LTV tires came in line with two-year deals and 2 BPS fell from 5.21% to 5.19%.
There was no change from week to week in average fixed rates of three years, which remained at 5.23%, everything was movement in certain LTV tires.
Average fixed rates of 10 years also remained static at 5.57%.
Moneyfacts Finance expert Rachel Springall says that, despite some lenders raising the rates, reductions prevailed to push the averages lower.
She says: “It is positive to see that the cutting momentum rate will continue this week, whereby lenders compete to seduce borrowers with lower rates.
“However, the exchange rates of two and five years have been up and down this week, but as a result they are slightly higher than their lows of 30 days, so it is unclear how this will influence the price decisions of the leds in the coming weeks.
“It is worth pointing out that the cutbacks are not the only movements that have been made by money lenders in recent days, because a few mutuals decided to increase the rates.
“The path of interest rates remains uncertain, but there is still hope for more cuts on the Bank of England rate this year.
“Santander expects that there will be three basic rate reductions before the end of 2025, but for a watch next week through the Monetary Policy Committee.”
Among the lenders to lower fixed rates, Santander with a maximum of 25 BPS, TSB with a maximum of 15 BPS and HSBC with a maximum of 20 BPS.
In the Building Society sector it was a mixed bag with West Brom, Leek, Suffolk, Monmouthshire cutting percentages, while Skipton and Princoman made movements in both directions, the last raised some rates with a maximum of 25 BPS.
Yorkshire Building Society increased some prizes with a maximum of 30 BPS, progressively with a maximum of 26 BPS and Nottingham with a maximum of 13 BPS.
The Aldermore lowered some rates with a maximum of 70 bps, while they increased others by a maximum of 30 bps, foundation of housing loans some reduced by a maximum of 25 bps and others by a maximum of 10 bps.