The average two-year fixed interest rate fell more sharply than in previous weeks and fell by 9 basis points from 5.88% to 5.79%, according to the latest figures from Moneyfacts.
It comes after major lenders continued to cut prices and the lowest two-year interest rate fell below 4% for the first time since April.
Weekly interest rate monitoring data from Moneyfacts shows that the average five-year fixed rate has also fallen since last Friday, but by a smaller margin of 6 basis points.
Two-year fixed rates
Lenders focused much of their rate cuts on higher LTV products, as average two-year rates fell 15 basis points to 5.79% at 80% LTV and 12 basis points to 6% at 90% LTV.
Average interest rates fell by 7 basis points in the 95% and 75% LTV tiers and by 8 basis points at an LTV of 65%.
Three-year fixed rates
The average three-year interest rate fell by 5 basis points from 5.59 to 5.54%
The 95% LTV level saw the strongest decline, with the average interest rate falling by 11 basis points from 6.11% to 6%.
Five-year fixed rates
The overall average interest rates at all levels fell by 6 basis points from 5.47% to 5.41%.
The largest reductions were in LTV rates at 90%, with the average falling 12 basis points from 5.6% to 5.48%.
The 95%, 85%, 80% and 65% LTV levels all saw average interest rates drop by 8 basis points.
Ten-year fixed rates
The average ten-year interest rate remained unchanged week after week at 5.93%.
Financial expert Rachel Springall of Moneyfacts says more than a dozen lenders have cut interest rates in the past week, including some of the biggest banks and building societies.
Some of the biggest gainers were MPowered, which cut rates by up to 49 basis points, Virgin Money by up to 45 basis points, Barclays Mortgages by up to 36 basis points, Lendinvest by up to 35 basis points, Gen H by up to 30 basis points, Nationwide by up to 24 basis points, and TSB with up to 20 bps.