According to data from Moneyfacts, the average rate for a five-year fix has decreased to 5.95% today.
The average rate for a five-year fix was priced at 6.51% at the end of October, up from 6.32% at the beginning of this month.
During the same time period, the average rate for a two-year fixed mortgage also decreased, but it is still much below the 6% threshold. It is currently 6.13%, down from 6.47% at the beginning of this month.
The two-year fix average rate was 6.65% at the end of October.
According to Moneyfacts finance expert Rachel Springall, "Borrowers who shelved their home ownership plans, or even put on hold the idea of refinancing, may now be tempted to scrutinise the latest deals on offer as the average five-year fixed mortgage rate falls below 6% for the first time in seven weeks (5 October 2022 - 5.97%).
"The average two- and five-year fixed mortgage rates increased significantly after the fiscal announcement (September 23, 2022) but are edging further away from their daily peak (20 October 2022). It is important to remember that rates could decrease even more in the future, but it is unclear how rapidly.
Although the average two-year fixed mortgage rate and the average five-year fixed mortgage rate both crossed the 5% threshold on September 30, 2022, just a few lenders are now offering sub-5% fixed offers.