As of yesterday, Moneyfacts reports a decline in the average two-year fixed homeowner mortgage rate to 5.62%, down from Monday's 5.66%, with further reductions anticipated in the coming days.
Meanwhile, the average five-year fixed homeowner mortgage rate on Tuesday morning stands at 5.24%, a drop from the previous day's 5.28%. HSBC UK has joined the trend, announcing rate reductions of up to 0.4% on its homeowner mortgage range.
A spokesperson for HSBC UK stated, "We're delighted to announce rate cuts across our UK residential range for first-time buyers and home movers, along with some reductions on our switcher range."
The Mortgage Works (TMW) has introduced reduced rates for buy-to-let borrowers, including a two-year fixed-rate deal at 3.69% for those with a 35% deposit seeking to purchase or remortgage.
Joe Avarne, senior manager of buy-to-let mortgages at TMW, expressed, "These changes demonstrate our continued support to landlords and the sector."
Additional lenders, such as NatWest, Metro Bank, and TSB, are also following suit with rate reductions. The declining inflation rate has led many analysts to predict multiple cuts to the benchmark interest rate by the Bank of England throughout the year.
Financial markets are currently anticipating five interest rate cuts in the upcoming year, with rates expected to drop from 5.25% to below 4%. However, it's worth noting that while rates are substantially lower compared to the previous year, they remain higher than the levels observed for the better part of the past decade until late 2021. 
