Building associations led the way in fixed rate changes this week, but overall fixed rate changes slowed significantly in the run-up to Christmas.
As a result, the average two-year and five-year interest rates decreased by 0.01% and 0.02%, respectively, to 5.46% and 5.23%. 
Moneyfacts spokesperson Caitlyn Eastell explained that notable brands reducing certain fixed interest rates this week include TSB, which will cut its remortgage rate by up to 0.25%, HSBC, which will cut its remortgage rate by up to 0.10%, and raise it by a further 0.05%. Royal Bank of Scotland and NatWest were both upgraded. Up to 0.04%.
Several building associations are also making changes to their rates this week, with Skipton Building Society reducing their fixed fees by up to 0.10%, Leake Building Society by up to 0.20%, Nottingham Building Society by up to 0.20% and Furness Building Society by up to 0.20%. This was a 0.20% reduction. 0.30% and Cumberland Building Society up to 0.20%.
In addition, several financial institutions moved to raise interest rates, including Atom Bank, which raised interest rates by up to 0.15%.
Eastel commented: “Several notable deals have surfaced this week, including a two-year fixed rate deal from Furnace Building Society, priced at 5.49%, for remortgage customers of 95%. Available with % Loan to Value. No product fees and attractive incentives including a free valuation and £250 cashback. package included. This can be an attractive option for buyers with a limited deposit and who want to save on initial costs.
He added: “This week, the MPC decided to keep interest rates unchanged at 4.75% as inflation has been rising for the second consecutive month. Lenders may have time to play catch-up and pass earlier cuts onto fixed-rate deals, although there is hope that benchmark interest rates will be lowered next year once stubborn inflation begins to subside. It is still unclear when and by how much the rate will be lowered.
