The average two-year mortgage rate has fallen over the past month from 2.52%, according to Moneyfacts data.
Rates are now only slightly higher than this time last year, when they stood at 2.22%, despite two increases to the base rate.
The Bank of England kept the interest rates on hold in September, after raising the base rate to 0.75% in August.
And in November 2017, interest rates rose from 0.25% to 0.5%.
The last time the base rate was above 0.5% was in February 2009 when it stood at 1%.