Rightmove figures show a drop from 6.09 per cent in the same period last year.
The average five-year fixed mortgage rate has continued to decrease, standing at 5.43 per cent, a drop from 5.75 per cent a year ago.
At 60 per cent loan to value (LTV), an average two-year fixed rate is 5.49 per cent, with the lowest rate pegged at 5.32 per cent. This compares to 5.88 per cent a year ago.
The average five-year fixed rate at the same LTV is 5.01 per cent, and the minimum rate is 4.8 per cent. The average rate last year was 5.42 per cent.
Going up to 75 per cent LTV, the average two-year fixed rate is 5.7 per cent and the lowest rate is 5.35 per cent. The average in the same period last year was six per cent.
The average five-year fixed rate at 75 per cent LTV is 5.23 per cent and the smallest rate is 4.8 per cent. This is down from an average of 5.7 per cent last year.
Within the 85 per cent LTV band, the average two-year fixed rate is 6.06 per cent and the minimum rate is 5.7 per cent. The average rate a year ago was 6.08 per cent.
The average five-year fixed rate stands at 5.51 per cent and the lowest rate is 5.07 per cent. This is down from 5.69 per cent in the same period last year.
At 90 per cent LTV, the average two-year fixed rate is 6.16 per cent and the lowest rate is 5.78 per cent. This is down from an average of 6.12 per cent last year.
The average five-year fixed rate is 5.63 per cent and the minimum rate is 5.28 per cent. The average rate last year was 5.83 per cent.
Within the 95 per cent LTV tier, the average two-year fixed rate is 6.38 per cent and the smallest rate is 6.24 per cent.
The average five-year fixed rate is 5.82 per cent and the lowest rate is 5.62 per cent. The average rate a year ago was 6.21 per cent.
The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85 per cent LTV mortgage, is now £1,177 per month, down from £1,193 per month a year ago.
Rightmove’s mortgage expert Matt Smith said: “The average two-year fixed mortgage rate is now below six for the first time since June, which while still very high compared to the ultra-low levels of recent years, is further evidence of the positive downward trend of fixed rates.
“Average rates continue to fall across all loan to value (LTV) brackets this week, with all rates now lower than this time last year, though this does compare to the post mini Budget period.”
He continued: “While the market remains stable, eyes may soon look to the next sets of economic data, including the upcoming Autumn statement, and how swap rates respond to this news.
“Nevertheless, we expect the trend of steady rate drops to continue for now, and the next key highlight to look out for will hopefully be a sub-five per cent rate on offer in the important, mass-market 85 per cent LTV bracket.”
