A "staggering" 86% of all house purchase and remortgage deals in August were fixed rates, up from 67% in August 2012.
The popularity of fixed rates has been driven by the falling price of deals, with the average fixed rate in August 2013 costing just 3.31%, according to new analysis from Legal & General Mortgage.
That compares to 4.25% in August last year, and 5.86% in August 2007, when 77% of mortgages were fixed rates.
L&G suggests that now could be the best time for homebuyers to fix their mortgages, with the rates at all-time lows.
Head of products Martyn Smith said: “We appear to be approaching the bottom of the interest rate curve. Borrowers and homeowners considering whether to fix should take a close look at products now while these exceptional rates are still available.
“There are a variety of options out there for people with a range of deposits. For those with a 15% deposit Accord Mortgages has a two-year product at 3.19% with a fee of £845, whilst Leeds Building Society offers a rate of 3.39% with a £199 fee.
"At the other end of the spectrum, Nationwide offers a two-year fix at just 1.94% on 60% LTV products.
“Despite Bank of England governor Mark Carney’s forward guidance over the summer, consumers are planning further ahead and looking to tie in to deals they know they can sustain in the future.”
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