The average two-year fixed rate has fallen only slightly this week, according to Moneyfacts.
The rate, which currently stands at 2.49 per cent, has experienced marginal rises and falls in the last six weeks but has, however, been range bound since the beginning of February.
This time last year, the average two-year fixed rate stood at 2.41 per cent, eight basis points lower than it is currently.
Moneyfacts reports that within the 95 per cent LTV, 85 per cent LTV, 80 per cent LTV, 75 per cent LTV, 70 per cent LTV, 65 per cent LTV and 60 per cent LTV categories, the average rate has fallen by one basis point.
Meanwhile, the average rate within the 90 per cent LTV category has declined by two basis points from last week.
Moneyfacts finance expert Rachel Springall comments: “There has been a wider spread of reductions this week.
“Bigger lenders have made some small cuts but reductions have been few and far between.
“What we have seen more this week is an increase in rate reductions within package deals.
“At the moment the market has seen a spate in activity, with nothing too drastic occurring.”