The property portal said that this is the cheapest a five-year fixed rate has been since before the mini Budget in September 2022.
The overall average fixed rate is down by a full percentage point compared to last year, at just 4.68%.
For borrowers with a large 40% deposit, the average five-year rate has now dipped below 4% to stand at 3.97%, compared to 5.33% just a year ago.
And borrowers with a modest 15% deposit have also seen a fall in rates. The average 85% loan to value (LTV) five-year fixed mortgage rate is now 4.71%, down from 5.73% a year ago.
Short-term fixed rates fall
Short-term fixed rates have fallen, too. The average two-year fixed mortgage rate is now 5.04%, down from 6.27% a year ago.
Rightmove added that the average monthly mortgage payment on a typical first-time buyer type of property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,097 per month, down from £1,193 per month a year ago.
