Average fixes fell across the board this week, with lenders continuing to cut prices in January as they fight for market share.  
The average rate for two- and three-year fixes plunged by 17 basis points to 5.66%, and 5.44%, respectively, according to Moneyfacts data.      
The average rate for five-year fixes dropped by 15 basis points to 5.28%, and 10-year fixes ended the week 19 basis points lower at 5.63%.     
Two-year fixes      
The largest falls in this term came at the 50% LTV average rate, which tumbled by 37 basis points to 5.43%, followed by the 70% LTV average rate, down 26 basis points to 5.92%.     
The 95% LTV average rate was 2 basis points lower at 5.91%, while the 85% LTV average rate fell 16 basis points to 5.83%.  
Three-year fixes    
The biggest decline at this level saw the 90% LTV average rate fall by 19 basis points to 5.55%, followed by the 95% LTV average rate dropped by 18 basis points to 5.69%.  
The 85% LTV average rate fell by 15 basis points to 5.65%, while the 80% LTV average rate was 2 basis points lower at 5.56%.  
Five-year fixes    

The largest falls in this term came at the 70% LTV average rate, which was 25 basis points lower at 5.48%, followed by the 75% LTV average rate, which was down by 18 basis points to 5.15%.  
The 95% LTV and 85% LTV average rates were both down 17 basis points at 5.39% and 5.35%, respectively.  
10-year fixes  
The largest falls in this term came at the 70% LTV average rate, which plunged 37 basis points to 6.12%, followed by the 60% LTV average rate, which was 24 basis points lower at 5.79%.  
The 95% LTV average rate was 4 basis points lower at 5.76%, while the 85% LTV average rate tumbled 18 basis points to 5.65%.  
Moneyfacts finance expert Rachel Springall says: “The second week of January has been filled with a flurry of fixed-rate cuts, with multiple lenders moving to drop rates in their range. These movements led to a fall in the overall two average two- and five-year fixed mortgage rates.  
“Some notable cuts were made by a few of the most prominent brands in the market, such as Santander by up to 82 basis points, The Co-operative Bank (as well as its Intermediaries arm) by up to 1.08%, Virgin Money by up to 80 basis points, Lloyds Bank by up to 45 basis points, Halifax by up to 45 basis points and Barclays Mortgage by up to 50 basis points.  

“There were many building societies active this week, those lenders to make cuts to selected fixed rates included Newcastle Building Society by up to 1.16%, Yorkshire Building Society by up to 65 basis points, Progressive Building Society by up to 64 basis points, Coventry Building Society by up to 57 basis points, Darlington Building Society by up to 55 basis points, West Brom Building Society by up to 51 basis points, Monmouthshire Building Society by up to 50 basis points.  
“Also, Skipton Building Society made cuts of up to 39 basis points, Principality Building Society by up to 37 basis points, Leek Building Society by up to 28 basis points, Cumberland Building Society by up to 27 basis points, Vernon Building Society by up to 26 basis points and Coventry Building Society by up to 20 basis points.  
“Not to go unnoticed, cuts were also made by MPowered Mortgages by up to 22 basis points, Accord Mortgages by up to 56 basis points, Kent Reliance by up to 70 basis points, Atom Bank by up to 30 basis points, Foundation Home Loans by up to 40 basis points.
“The Mortgage Lender also made reductions of up to 30 basis points, Kensington by up to 30 basis points, Precise Mortgages by up to 55 basis points, Gen H by up to 12 basis points and LiveMore Capital by up to 71 basis points.  
“A few eye-catching deals also surfaced this week, including a two-year fixed deal from Barclays Mortgage, priced at 4.36% and available at 60% loan-to-value for house purchase customers, it carries a free valuation and does not charge a product fee.  

“It’s widely anticipated that fixed mortgage rate cuts will take precedence over the coming weeks, fuelled by a drop in swap rates.
“These changes may well delight borrowers looking for a new deal and have been waiting for rates to come down. With such high volumes of changes, seeking independent advice to go over the latest options available is wise.”