The average two-year fixed-rate home loan fell below 6% for the first time since June, according to Rightmove.  

The two-year rate hit 5.92%, down from 6.09% a year ago, says the property website, adding that the average five-year fixed-rate mortgage is now 5.43%, from 5.75% 12 months ago.  

In the key 85% loan-to-value range, the average five-year fixed-rate offer is 5.51%, down from 5.69% 12 months ago.  

It adds that the average monthly mortgage payment on a typical first-time buyer property when taking out an average five-year fix, at 85% loan to value, is £1,177 a month, down from £1,193 a month a year ago.  

Rightmove mortgage expert Matt Smith says: “The average two-year fixed mortgage rate is now below 6% for the first time since June, which while still very high compared to the ultra-low levels of recent years, is further evidence of the positive downward trend of fixed rates.   

“Average rates continue to fall across all loan-to-value brackets this week, with all rates now lower than this time last year, though this does compare to the post-mini-Budget period [in the weeks following the end of September 2021].  

“While the market remains stable, eyes may soon look to the next sets of economic data, including the upcoming Autumn statement [22 November], and how swap rates respond to this news.   

“Nevertheless, we expect the trend of steady rate drops to continue for now, and the next key highlight to look out for will hopefully be a sub-5% rate on offer in the important, mass-market 85% LTV bracket.”  

Last month, data group Moneyfacts reported that its measure of average five-year fixed-rate mortgages fell below 6% for the first time since July.