Rightmove says average rates for both two-year and five-year fixed-rate deals have edged lower in the past week with the most competitive options now below 4%.

The portal – which has a growing reputation in its financial services data – says the overall average rate for a two-year fixed mortgage is now 4.84%, down 0.03 percentage points from the start of March and 0.36 percentage points lower than a year ago.

Five-year fixed rates also saw a small drop to an average 4.68%, down 0.01 percentage points in a week and 0.15 percentage points below March 2024. 

The lowest available two-year fixed rate is 3.95%, down 0.09 percentage points as of the end of last week, while the most competitive five-year fixed rate is 3.92%.

For buyers with a 95% LTV, the average two-year fixed rate is now down to 5.52% with the five-year fixed rate of 5.27%.  At 60% LTV, the average two-year fixed rate remains stable at 4.26%, and the five-year fixed rate has ticked up slightly to 4.18%.

In a quip about the Trump presidency, Rightmove’s mortgage expert Matt Smith says: “The mortgage market is still quite sensitive to outside noise, and despite the volume turning up recently from across the Atlantic, we’re seeing lenders continue to be as competitive as they can be as the Spring market begins.

“As the stamp duty deadline edges nearer, we expect a rush to complete from those in the process of buying a home, particularly from affordability stretched first-time buyers eager to avoid unnecessarily parting with thousands of extra pounds.”