The mortgage market made a positive start to 2024, with average two and five-year fixed rates continuing to fall in January for the fifth consecutive month.

With the average rate for a two-year fixed mortgage charging 5.93% at the start of the month, and the average five-year deal sitting at 5.55%, these rates are at their lowest in over six months.

“The consecutive reductions to the overall average two- and five-year fixed mortgage rates will be of great relief for borrowers looking to refinance this year,” said Rachel Springall, Finance Expert at Moneyfactscompare.co.uk.

However, citing “big expectations for fixed mortgage rates to fall in the coming weeks”, Springall added that some borrowers may be waiting for the right time before changing their deal or buying a new property.

Nevertheless, those currently looking for a new mortgage have an increased number of deals to consider, as overall product availability rose month-on-month for the sixth consecutive time.

With 5,899 options to choose from at the start of January, the mortgage market continues to see its highest number of products available in over 15 years; the last time there were more deals available was in March 2008.