Two and five year fixes are down by as much as 146 basis points compared to a year ago, the latest mortgage rate tracker from Rightmove has revealed.

The average two year fix across all LTV tiers is now 5.35%, down by 107 basis points from 6.42% a year ago.

The average five-year fix across all LTVs is now 4.97%, down by 94 basis points from 5.91% a year ago.

Products in the 60% LTV tier saw the steepest fall, as the average two-year fix dropped by 146 basis points from 6.24% to 4.78%.

The average five-year fix in the same tier fell by 143 basis points from 5.78% to 4.35%.

The average 85% LTV five-year fixed rate is now 4.97%, down by 93 basis points from 5.9% a year ago

This means that the average monthly mortgage payment on a typical first-time buyer type home with a five-year fixed, 85% LTV mortgage, is now £1,128 per month, down from £1,228 per month a year ago.