There has been a notable rise in mortgage product choice, surpassing 4,000 options on Moneyfacts records for the first time since August 2022.

The overall two- and five-year fixed mortgage rates fell for a third consecutive month, with the average five-year fixed resting at 0.24% below the average two-year equivalent.

According to the latest Moneyfacts UK Mortgage Trends Treasury Report, product choice currently stands at 4,341 options, up from 3,643 in January 2023.

The data also reveals that the average shelf life of a mortgage product rose to 28 days – the joint highest since March 2022, a drastic change from 15 days seen a month ago. This activity could be a result of further stability among lenders, as repricing has been rife over recent months.

Both the average two- and five-year fixed rates fell month-on-month for the third month running, down to 5.44% and 5.20% respectively. The difference of 0.24% between these two rates is now the largest margin seen in almost 15 years (March 2008 – 0.31%).

Also, the average ‘revert to’ rate or Standard Variable Rate (SVR) continued to climb. At 6.84%, this rate is now the highest on Moneyfacts records since October 2008 (7.01%).