The average rate for a five-year fix has fallen to 5.95% today, data from Moneyfacts shows.
At the start of this month it stood at 6.32% and, at the end of October, the average rate for a five-year fix had been priced at 6.51%.
The two-year fixed average rate has also fallen across the same time frame, although it is some way off the 6% mark. As of today it is 6.13%, having fallen from 6.47% at the start of this month.
At the end of October, the two-year fix average rate was 6.65%.
Moneyfacts finance expert Rachel Springall says: “As the average five-year fixed mortgage rate falls below 6% for the first time in seven weeks (5 October 2022 – 5.97%), borrowers who paused their home ownership plans, or indeed parked the idea of refinancing, may now be tempted to scrutinise the latest deals on offer.
“After the fiscal announcement (23 September 2022) the average two- and five-year fixed mortgage rates rose sharply, but they are edging further away from their daily peak (20 October 2022). However, it is worth noting that rates could fall further still, but there is no clear answer as to how quickly that may be.
“Indeed, it’s been around two months since both the average two and five-year fixed mortgage rate breached 5% (30 September 2022), but today only a handful of lenders are offering sub-5% fixed deals.”