In addition, the lender is also waiving the £599 reservation fee for its existing borrowers who are looking to switch to its fixed and tracker products.
Discussing the changes, Nationwide's mortgages head Martyn Dyson said: "Once again we are in a position to reduce rates on a number of deals available to customers wishing to remortgage, switch their current mortgage deal or take a further advance.
"As part of our commitment to rewarding customer loyalty we are also now waiving the £599 fee for existing borrowers wishing to switch deal."
Nationwide's decision comes after a number of other lenders have also reduced rates on several of their mortgages.
Abbey, RBS and NatWest have made changes this week, while Yorkshire Bank is also offering some of its products without arrangement fees for a limited period.
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