Average fixed mortgage rates across all LTV tiers on two- and five-year fixed rate deals has fallen for a fourth consecutive month, the latest Moneyfacts UK Mortgage Trends Treasury Report data reveals.

The overall average two- and five-year fixed rates fell between the start of November and the start of December, to 6.04% and 5.65% respectively, and are now at their lowest levels since June 2023.

The average two-year fixed rate stands 0.39% higher than the average five-year equivalent, a narrower gap than the 0.43% difference last month.

The average ‘revert to’ rate or Standard Variable Rate (SVR) remained unchanged. At 8.19%, this rate is at the highest level on Moneyfacts’ electronic records (starting July 2007).

The average two-year tracker variable mortgage rate rose month-on-month to stand at 6.16%.

Product choice overall rose month-on-month, for a fifth consecutive month, to 5,694 options, the highest level of availability in over 15 years. The last time there were more deals available was March 2008 (6,192 products).

Finally, Moneyfacts reports that the average shelf-life of a mortgage product fell to 17 days, a sign of lenders vigorously repricing as the year end approaches.