The average two-year fixed rate has continued its fall since the rise seen over Christmas.
At 2.50 per cent, the current rate is the lowest its been in almost two months, having fallen by one basis point from the week prior.
In the last 52 weeks, the lowest average rate was 2.33 per cent, while the highest was recorded at 2.55 per cent.
Further data shows that the average two-year rate for the 95 per cent, 75 per cent and 60 per cent LTV products have dropped slightly, by 0.01 per cent overall, while the average 85 per cent and 80 per cent LTV two-year rates have fallen by two basis points.
The largest decline was seen in the average two-year rate for 70 per cent LTV products, at 0.04 per cent.
Moneyfacts financial expert Darren Cooks says: “Competition is driving down the prices, with the near same drop week-by-week on the average two-year fix.
“The trend of LTVs falling across the board is set to continue, as this decline is due to competition… and lenders are repricing rather than introducing new products.”