According to Rightmove, the average two-year fixed rate is priced at 4.84%, a drop of 0.36% year-on-year and 0.03% on last week.
The average five-year fixed rate is 4.68%, down by 0.15% compared to last year and 0.01% on last week.
The lowest two-year fixed rate is 3.95%, a reduction of 0.51% year-on-year and a 0.09% fall on the prior week.
The cheapest five-year fixed rate is 3.92%, a reduction of 0.21% year-on-year and 0.05% on last week.
At 60% loan to value (LTV), the average two-year fixed rate is 4.36%, which is a decline of 0.4% year-on-year but stable on last week, while a five-year fixed rate is 4.18%, which is down 0.16% on the same period last year. The latter is up 0.02% on last week.
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Going up to 75% LTV, the average two-year fixed rate is 4.64% and the average five-year fixed rate is 4.52%. Both are down 0.03% on last week, but the two-year fixed rate is an improvement of 0.4% on last year, while the five-year fixed rate is 0.21% down on last year.
At 85% LTV, the average two-year fixed rate is 4.83% and the average five-year fixed rate is 4.68%. The weekly change for both is estimated at 0.03% and, year-on-year, the average two-year fixed rate has decreased by 0.4% and the average five-year fixed rate is down 0.12%.
At 90% LTV, the average two-year fixed rate is 5.17% and the average five-year fixed rate is 4.9%. This is a year-on-year decline of 0.25% and 0.08% respectively.
Within 95% LTV, the average two-year fixed rate is 5.53% and the average five-year fixed rate is 5.37%. This is a yearly change of 0.35% and 0.19% respectively.
Matt Smith, Rightmove’s mortgage expert, said: “The mortgage market is still quite sensitive to outside noise, and despite the volume turning up recently from across the Atlantic, we’re seeing lenders continue to be as competitive as they can be as the spring market begins.
“As the stamp duty deadline edges nearer, we expect a rush to complete from those in the process of buying a home, particularly from affordability-stretched first-time buyers eager to avoid unnecessarily parting with thousands of extra pounds.”
