The average five-year fixed rate is 5.14 per cent, down from 5.52 per cent a year ago, whilst the average two-year fixed rate is 5.56 per cent, a fall from 5.77 per cent.
At 60 per cent loan to value (LTV), the average two-year fixed rate is 4.9 per cent, with the lowest rate emerging at 4.75 per cent. This time last year the average rate was 5.52 per cent.
Its average five-year fixed rate is 4.55 per cent, and the bottom-most rate is 4.36 per cent. This compares to an average rate of 5.26 per cent last year.
Within the 75 per cent LTV tier, the average two-year fixed rate is 5.39 per cent, with the smallest rate being 4.9 per cent. The average rate in the same period last year was 5.58 per cent.
The average five-year fixed rate at this LTV tier is 5.50 per cent and the bottom-most rate is 4.46 per cent. The average rate last year was 5.31 per cent.
Going up to 85 per cent LTV, the average two-year fixed rate is priced at 5.69 per cent with the lowest rate coming to 5.23 per cent. The average rate a year ago was 5.81 per cent.
The average five-year fixed rate at 85 per cent LTV is 5.22 per cent and the smallest rate is 4.71 per cent. The average rate a year ago was 5.54 per cent.
Within higher LTV tiers, the average two and five-year fixed rate at 90 per cent LTV was pegged at 5.79 per cent and 5.29 per cent respectively. This increases to 5.96 per cent and 5.5 per cent apiece at 95 per cent LTV.
The lowest rates for two-year fixed rates are 5.39 per cent and 5.85 per cent at 90 and 95 per cent LTV, and the lowest five-year fixed rates came to 4.89 per cent and 5.3 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 £1,135 per month, down from £1,173 per month a year ago.
