It’s now the tenth week that average rates of dropped, as the slow but steady downward trend of fixed-mortgage rates continues.

Rightmove’s mortgage expert Matt Smith explains that as more lenders begin to offer sub-5% rates, this is likely to demonstrate increasing confidence that swap rates, the underlying costs of fixed rate mortgages, will remain stable for lenders, meaning there may be more room for rates to fall, particularly for those with a smaller deposit.

“We’re starting to see more attractive rates in some Loan-to-Value (LTV) brackets than a year ago as we begin to compare rates with the post mini-Budget period, though this doesn’t take away the fact that mortgage costs are still much higher than most have been used to.

He adds: “Whilst there have been twists and turns, home buyers are coming to terms that rates won’t be returning to the previous ultra-low levels any time soon. However, this continued stability can at least give the many people still looking to move more certainty about what they can afford, and the type of mortgage offer they might expect.”

The average five-year fixed mortgage rate is now 5.50%, up from 5.32% a year ago

The average two-year fixed mortgage rate is now 6.01%, up from 5.70% a year ago

The average 85% LTV five-year fixed mortgage rate is now 5.58%, up from 5.07% a year ago

The average 60% LTV five-year fixed mortgage rate is now 5.07%, down from 5.24% a year ago

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 £1,185 per month, up from £1,123 per month a year ago.