In addition, the company has launched a lifetime tracker product which currently features a rate of 5.69 per cent.
Andy Gray, head of mortgages for Woolwich, said: "We have seen an improvement in the Swap rates recently and have taken the opportunity to reduce our longer term fixed rates where we see customers can get the best value at the moment.
He added that the firm felt the tracker mortgages still offer "the best value in the market at the moment".
Nationwide recently also reduced rates on a number of its mortgage products.
The building society's two, three and five-year fixed rate deals were affected by the changes, along with its lifetime trackers.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.