Mortgages have a shelf life of just 15 days currently, says Moneyfacts. This is the joint lowest amount of time on record, it adds, level with October 2022.

This time last year, the average shelf life for a mortgage product of any type stood at 28 days.

Meanwhile, total product count has dropped from 5,394 to 3,643, although this is an improvement on the 2,258 number seen in October last year.

At the same time, average rates for two- and five-year fixes have fallen for the second month in a row, now coming to 5.79% and 5.63%, respectively.

However, the revert to rate of the average standard variable rate (SVR), at 6.64%, is the highest it has been since November 2009, when borrowers faced pries of 6.77% on average.

Moneyfacts finance expert Rachel Springall says: “Product choice within the mortgage market has improved in recent months, and the latest figures show volumes are at a much more stable level.

“However, the volatility with lenders adjusting such deals remains as the average shelf life of a mortgage product fell to 15 days, the joint lowest on Moneyfacts records. This activity has led overall fixed rates to fall and indicates the focus of lenders’ repricing strategies.

“Borrowers concerned over interest rates may well be relieved to see both the average two- and five-year fixed mortgage rates fell month-on-month, down by 0.22% and 0.17%, respectively.

“[But] it is clear that both these average rates stand higher compared to a year ago, with notable rises during the tail end of 2022 during a time of unprecedented uncertainty surrounding interest rates.

“Average rates at higher LTV brackets are also falling, but more improvement would be welcomed for those with a limited deposit, considering the average two-year fixed rate mortgage at 95% LTV sits above 6.00%. The consecutive Bank of England base rate rises have fuelled a rise to the average SVR, which has now reached 6.64%, the highest on Moneyfacts records since November 2008 (6.77%).