Average five-year fixed mortgage rate in UK falls back below 6%

First time since early July that average rate has been below 6%, with some deals now under 5%

The average new five-year fixed mortgage rate has fallen back below 6% for the first time since early July, according to the sector’s leading data provider.

Across all deposit sizes, the typical five-year fixed residential mortgage rate on sale is now priced at 5.99%, Moneyfacts said, down from 6.03% on Wednesday.