The average interest rate for 5-year fixed-rate homeowner mortgages has dipped below the 6% threshold, according to the latest Moneyfacts data.
Data shows that the average rate across all deposit sizes has decreased to 5.99%, down from 6.03% yesterday.
This is the first time rates have dropped below 6% since July 3rd, when the average 5-year fixed deal was at 5.97%.
Meanwhile, the average 2-year fixed residential mortgage rate also saw a marginal decline, standing at 6.5%, compared to 6.53% on Wednesday.
And average rates look set to continue to fall over the coming days. Since better-than-anticipated inflation figures were released and the Bank of England decided to hold off on an expected interest rate rise lenders have been reducing their mortgage rates.
Heavyweights, HSBC, NatWest and Santander have all slashed their rates this week with more cuts from lenders anticipated.
