The average two-year fixed rate has remained flat at 2.48 per cent for the third consecutive week, having fallen by less than one basis point, according to data collected by Moneyfacts.
This time last year the average two-year fixed rate was 2.54 per cent, six basis points higher than the current rate.
Average rates in the 80 per cent LTV category fell from 2.47 per cent to 2.46 per cent.
Meanwhile, average rates in the 60 per cent LTV category, 65 per cent LTV category, 70 per cent LTV category, 75 per cent LTV category, 85 per cent LTV category, 90 per cent LTV category and 95 per cent LTV category have all remained unchanged.
Moneyfacts finance expert Darren Cook says: “Average fixed rates have remained static recently, largely due to the Bank of England’s warning on rate cuts.
“This has led to lenders switching there focus from reducing rates to criteria changes in order to continuing competing.
“Product fees have seen reductions in recent weeks and the introduction of Virgin Money’s 15-year fixed rate product highlights that lenders are attempting to find new niches to compete with each other.”