The average rate for a five-year fixed-rate mortgage has fallen over the past year from 5.59% to 4.86%.
The falling rate will excite interest from homeowners as many lenders are set to increase their standard variable rates (SVR) from 1 May.
"Average rates for five-year fixed-rate deals have been falling steadily for the past couple of years," says Louise Holmes, spokesperson for moneyfacts.co.uk.
"Fixed-rate mortgages offer the reassurance of a set monthly payment and can be beneficial when planning financial budgets as the repayment amount remains the same over the duration of the term."
Find the best mortgage for you
The best five-year rate on the market at present is 3.69% offered by Leek United Building Society to those with a 25% deposit. The fee is £995.
The best rate for those with a smaller deposit is 4.4% from Hanley Economic Building Society, which is available to homeowners with a 15% deposit. There are no fees.