Moneyfacts’ latest weekly analysis shows average three-year fixed rates fell 4 basis points over the past week, while two-year and five-year deals edged down 1 basis point.
Moneyfacts found that after these cuts, two-year fixed rates averaged 4.87 per cent across all loan-to-value tiers, three-year fixed rates were at 4.76 per cent and five-year fixed rates were at 4.92 per cent.
Certain LTV bands experienced larger drops.
The average three-year fixed rate fell 6 basis points to 5.37% at 95% LTV, by the same amount to 4.79% at 80% LTV, and 6 basis points at 70% LTV, but remains expensive compared with higher LTV (5.16%).
Other notable changes include 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 also fell to 4.92%.
The biggest interest rate cuts from mainstream lenders were Leeds Building Society (up to 38 basis points), Halifax and TSB (up to 20 basis points).
Virgin Money will cut 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.
Key price changes from specialist lenders include Kensington cutting rates by up to 47 basis points, while others have increased rates by up to 10 basis points.
Gen H cut some trades by up to 20 basis points but raised others by up to 10 basis points, with Irish banking intermediaries cutting prices by up to 14 basis points.
Rachel Springall, financial expert at Moneyfactscompare.co.uk, said that despite the above, the overall scale of interest rate cuts from lenders this week will still be small, as many people appear to be waiting for the Budget.
But she said: “Fortunately, the swaps market looks relatively stable after this, which will be an encouraging sign for lenders considering rate cuts in the coming weeks.
“Only a handful of banks have reduced fixed rates, but this does include some significant cuts in Leeds, Halifax and TSB.
“Nationwide has also reduced its interest rate range, including that its two-year fixed rate is now priced at 3.6 per cent for two years, one of the lowest fixed rates across the mortgage market.
“With the end of November approaching, borrowers may be surprised to find that more than 40 lenders have reduced fixed mortgage rates this month, so now is the perfect time to seek advice to assess the new deals available.”
