But, fast-forward seven days, and the lenders are divided as to whether to go higher or lower with their mortgage rates.
Across the sector, the average two- and five-year fixed rates may have crept up by 0.11% and 0.09% this month, according to Moneyfacts’ data, but providers have still made plenty of reductions.
After a week of fluctuation in the market, YourMoney.com has rounded up the lenders’ latest movements.
Santander slashes fixed rates
From today (23 May) Santander made moves to lower its select residential and buy-to-let (BTL) fixed rates in its new business and product transfer range by up to 0.27%.
On the new business side, selected residential fixed rates will be reduced by between 0.02% and 0.27% for purchases and remortgages.
Selected BTL fixed rates will fall by between 0.04% and 0.2% for purchases and remortgages.
For product transfers, selected residential fixed rates will decrease by between 0.03% and 0.14%, and selected BTL fixed rates by between 0.05% and 0.12%.
Halifax
Elsewhere, tomorrow, Halifax will make rate cuts of up to 0.19% for two- and five-year fixed rates within its homemover and first-time buyer range.
Its two-year fixed rate at 60% loan to value (LTV) has gone down by 0.18% to 4.78%, and at 90% LTV, the rate has fallen by 0.19% to 5.43%.
The lender’s five-year fixed rate at 60% LTV has decreased by 0.17% to 4.45%, and at 75% LTV, the price has decreased by 0.14% to 4.56%.
TSB’s rates trickle
TSB is following suit by lowering residential mortgage rates and reintroducing select tracker house purchase and remortgage products.
In its residential range, two- and five-year fixed first-time buyer and homemover deals between 75% and 95% LTV will fall by up to 0.4%.
Three-year fixed first-time buyer and homemover up to 90% LTV will decrease by up to 0.35%.
TSB has also reintroduced two-year tracker first-time buyer, homemover and remortgage products.
Two-year fixed remortgage deals from 75% to 90% LTV will go down by up to 0.25%, and five-year fixed remortgage deals up to 90% LTV will decrease by up to 0.2%.
Barclays bucks the trend
Going against the grain is Barclays, which is changing a range of rates across its existing customer residential purchase, remortgage and reward ranges.
As of tomorrow, its residential purchase-only five-year fixed rate at 90% LTV with a £999 fee will fall from 5% to 4.9%.
Its green home five-year fixed rate at 90% LTV with a £999 fee will decrease from 4.9% to 4.8%.
More hikes come in the shape of its residential purchase-only premier three-year fixed rate with a £999 fee at 60% LTV, which will rise from 4.32% to 4.57%.
The firm’s remortgage-only premier two-year fixed rate with a £999 fee will go up from 4.6% to 4.85%.
Its two-year fixed rate at 60% LTV will increase from 4.61% to 4.86%, and its two-year fixed rate at 75% LTV will go up to 4.75% to 5%. Both come with a £999 fee.
Following last week’s reductions, there are price increases within its existing customer purchase and remortgage range.
Its two-year fixed rate at 60% LTV will rise from 4.61% to 4.91%, and at 70% LTV, the price will go up from 4.71% to 4.96%. At 75% LTV, the rate will increase from 4.75% to 5.05%. All come with a £1,999 fee.