Fixed mortgage rates for buy-to-let borrowers have tumbled over the last 12 months to an average rate of 4.33%, just 0.01% above their all-time low.
That's a drop of more than 14% since September 2012, when the average rate was 5.05%, according to new research from Moneyfacts.
BTL rates hit their all-time low of 4.32% in July 2012.
The figures were published shortly after West Bromwich Building Society announced it would be hiking its BTL tracker mortgage rates by 2% in December.
The shock move will affect 6,700 of its borrowers and prompted calls for landlords to quit West Bromwich in protest.
Despite the fall in average BTL fixed rates, the number of products is down more than 20% in the past 12 months.
In September 2012, BTL borrowers could choose from 325 products, but that figure has now fallen to 256 products, 69 fewer.
Moneyfacts.co.uk's editor Sylvia Waycot said: "The number fixed-rate BTL mortgages being marketed seems to be narrowing but this should not cause alarm as long as rates continue to fall."
She said falling fixed rates could provide a "golden opportunity" for BTL borrowers who are looking for an alternative mortgage product after recent hikes in tracker rates."
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