Fixed interest prices at the lowest level in three months: Moneyfacts

Moneyfacts found that the typical two-year correction is now 5.51%, 4 basis points lower than the 5.55% last week.

Meanwhile, the average five-year interest rate fell by 3 basis points over the same period, also to 5.51%.

Moneyfacts personal finance analyst Caitlyn Eastell said: “It is encouraging to see many lenders continuing the rate cutting momentum, including well-known big brands.

“Even after last week’s dominant rate moves, building societies continue to make some significant rate cuts, by as much as 30 basis points, versus Nottingham Building Society and Newcastle Building Society.

“Two-year swap rates have been below their five-year counterparts in recent weeks, so it may only be a matter of time before we see the average two-year rate become more affordable than the average five-year rate, provided no new shocks stun the market.

“The calming of swap rates is also good news for borrowers as it means the rate cut momentum will continue.”

FIXED SPEED MOVEMENTS (bps)

• Mortgages April – Fixed interest rate reduced by maximum 25bps
• Atom Bank – Fixed rates reduced by up to 15bps on Prime products and on 10bps on Near Prime products
• Bank of Ireland Intermediaries – Fixed interest rate reduced by maximum 33bps
• Bank of Ireland UK – Fixed interest rate reduced by maximum 33bps
• Barclays Mortgage – Fixed interest rate reduced by up to 13bps; tracker rates reduced by 2bps–5bps
• Hodge – Fixed rates reduced by up to 40bps
• HSBC – Fixed rates reduced by up to 16bps
• Leeds BS – Flat rates reduced by up to 14bps; tracker rates reduced by 5bps
• Leek Building Society – Fixed rates reduced by up to 20bps
• NatWest – Fixed rates reduced by up to 31bps
• NatWest Int Sols – Fixed rates reduced by up to 31bps
• Newcastle BS – Fixed rates reduced by up to 30bps; tracker rates reduced by 10bps
• Newbury BS – Fixed rates reduced by 20bps
• Nottingham BS – Fixed rates reduced by up to 30bps
• Accurate – Fixed rates reduced to up to 19bps
• Principality BS – Fixed rates reduced by maximum 11bps; tracker rates reduced by 5bps
• Royal Bank of Scotland – Fixed rates reduced by up to 31bps
• Santander – Fixed rates reduced by up to 21bps; tracker rates reduced by maximum 15bps
• BS Teachers – Fixed Rates increased on to 40bps
• The Cooperative Bank for Intermediaries – Fixed rates reduced by maximum 22bps
• TSB – Fixed rates reduced by maximum 20bps
• Virgin Money – Fixed rates reduced by up to 20bps
• West Brom BS – Fixed rates reduced by up to 25bps