According to Rightmove, the lowest available five-year fixed rate mortgage is now 3.83% (for borrowers with a 40% deposit), which is the lowest a five-year fixed rate has been for two years.
Average rates are also down, according to the property portal.
The average five-year fixed mortgage rate is now 4.8%, down from 5.82% a year ago.
And the average two-year fixed mortgage rate is now 5.18%, down from 6.42% a year ago.
For borrowers with a modest 15% deposit, the average 85% loan to value (LTV) five-year fixed mortgage rate is now 4.86%, down from 5.88% last year.
Those with a large 40% deposit can also benefit from lower rates. The average 60% LTV five-year fixed mortgage rate is now 4.05%, down from 5.47% 12 months ago.
First-time buyer mortgage costs fall
Rightmove worked out that the average monthly mortgage payment on a typical first-time buyer type of property is now £1,117, down from £1,221 per month a year ago.
This is based on an average five-year fixed 85% LTV mortgage on a typical first-time buyer property, which is currently £227,924.
Related: Mortgage rate cuts continue following base rate reduction
