The average five-year fixed mortgage rate has dropped below 6 per cent for the first time in seven weeks, according to analysis.
Mortgage lenders are offering 5.95 per cent on average for a five-year fixed-rate deal, Moneyfacts.co.uk found. The average two-year fixed-rate mortgage remains above 6 per cent, at 6.13 per cent.
Mortgage rates rocketed amid market turmoil after the mini-budget in September. On September 23, the average five-year fixed mortgage rate was 4.75%, and the two-year fix was 4.74%.
