The latest analysis from Moneyfacts shows that, despite interest rate swaps at two and five years increasing since October, fixed rates have not yet followed suit.

Instead, the average two-year year fixed mortgage rate has remained relatively static, falling by 0.01% to 2.44% over the past month, while the average three and five-year fixed rate remained unchanged at 2.60% and 2.75% respectively. The average 10-year fixed rate is the biggest mover, decreasing by 0.07% from 2.98% to 2.91%.

The report shows that, while low mortgage rates may still be a result of the Bank of England Funding for Lending Scheme introduced in July 2012, the average rates on fixed rate savings bonds have reduced at a steeper curve than mortgage rates. Indeed, the average two-year bond rate has fallen by 0.05% to 1.36% while the average five-year rate dropped by 0.11% to 1.77% over the past month alone.

Darren Cook, finance expert at Moneyfacts.co.uk, said: “The current average two-year fixed rate is 2.44%, however, this average rate reached its historical low of 2.20% two years ago in October 2017, so the current drive by some mortgage providers to cut rates could be a conscious strategy to make sure that they retain the borrowers who may be maturing from a very low fixed rate secured two years ago.”