The average five-year fixed mortgage rate fell below 6% for the first time in seven weeks on Tuesday (22 November), according to financial information service Moneyfacts.

The latest data indicates that fixed rates are slowly returning to normal, making it easier and more affordable for borrowers trying to get new mortgages or renew existing ones.

On average, five-year mortgage rates hit 5.95% on Tuesday, remaining at the same level on Wednesday (23 November).

This is significantly lower than the rates seen in the aftermath of the September mini-budget, when the average five-year mortgage rate spiked at 6.51% on 20 October.

Two-year mortgage rates also fell by half a percentage point this week after hitting a 6.65% high in October.

Despite the slight decrease, both five-year and two-year mortgage rates are still higher than the same time last year, when they both averaged around 2.5%.

Rachel Springall, finance expert at Moneyfacts, said:

"Although fixed mortgage rates are falling, there is still room for improvement as there are only a handful of lenders offering sub-5% fixed deals.

"It is worth noting that rates could fall further still, but there is no clear answer as to how quickly that may be."

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