Average Two-year Mortgage Rate Falls Below 6%
Mortgage rates on a typical two-year fixed deal have fallen below 6% for the first time since mid-June, according to Moneyfacts.
The financial information service said the average rate was now 5.99%.
Competition among providers has intensified as they face a battle to attract a small pot of new homeowners, and to maintain current custom.
They have been given added confidence as many analysts suggest the Bank of England's base rate has now peaked.
The rate on a typical two-year fixed mortgage rose sharply during Liz Truss's premiership, then fell slightly before rising again.
It peaked at 6.86% in late July, and has been falling steadily since.
The Bank of England's latest Financial Stability Report estimated five million mortgage holders would see their mortgage payments rise by 2026.