Average five-year mortgage drops below 6%
Newly released figures show the average rate on a five-year fixed mortgage has fallen below 6% for the first time since early July.
The typical rate has dropped to 5.99%, according to the financial information service Moneyfacts.
Lenders have been given some confidence to cut rates after the end of a run of 14 consecutive interest rate increases by the Bank of England.
The average two-year deal has a rate of 6.5%.
Around three-quarters of mortgage customers hold fixed-rate deals. Banking trade body UK Finance says there are about 800,000 of these deals ending in the second half of 2023, and about 1.6 million expiring next year.
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