It’s been another week of relative stability in the mortgage market, with average rates dropping at the same pace as last week and continuing to slowly head downwards for now.

This is according to Rightmove’s mortgage expert Matt Smith who says: “While the pace of average rate drops has held steady, falls in the lowest rate available have accelerated quite significantly this week across many Loan-to-Value ranges, reflecting more rate cuts from major lenders and some competition for mortgage business continuing to build”.

He gives as an example that someone looking to take out a five-year fixed mortgage rate this week with a 15% deposit could find a rate of 5.27%, compared with 5.37% last week.

“While this is of course still higher than last year, it further shows the more positive rate trends in recent weeks, and the importance for those looking to take out a mortgage soon in looking around for the best deal, as the lowest available rate that works for them could in some cases be notably lower than overall averages.”

The latest data from Rightmove shows that the average 5-year fixed mortgage rate is now 5.72%, up from 3.91% a year ago, down from 5.79% last week

The average 2-year fixed mortgage rate is now 6.32%, up from 3.87% a year ago, down from 6.40% last week

The average 85% LTV 5-year fixed mortgage rate is now 5.77%, up from 3.88% a year ago, down from 5.82% last week

The average 60% LTV 5-year fixed mortgage rate is now 5.36%, up from 3.62% a year ago, down from 5.42% last week.

The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,198 per month, up from £993 per month a year ago but down from £1,204 last week.