That’s according to Rightmove, which tracks mortgage rates on a weekly basis.
The property portal said the average five-year fixed mortgage rate is now 4.99%, down from 5.68% a year ago.
Two-year fixed rates are also down to 5.37% from 6.17% a year ago.
Borrowers with a modest deposit will find that the average 85% loan to value (LTV) five-year fixed mortgage rate is now 4.99%, down from 5.68% a year ago.
The average monthly mortgage payment on a typical first-time buyer-type property (which is currently £227,757) when taking out an average five-year fixed 85% LTV mortgage, is now £1,131 per month, down from £1,203 per month a year ago.
Your Mortgage Awards 2024/25: winners revealed
Sponsored by Your Mortgage Awards
Larger deposit, lower rate
Those with a large 40% or greater deposit also benefit from lower rates than a year ago.
Rightmove found that the average 60% LTV five-year fixed mortgage rate is now 4.39%, down from 5.42% a year ago.
Related: More than a third of mortgagors still paying sub-3% rates
