Average fixed-rate mortgage rates have fallen below 6% for the first time since June, according to data from Moneyfacts.
A typical two-year fixed mortgage now carries a rate of interest of 5.99%, compared to a peak of 6.86% in June.
Smaller lenders battling for customers have dragged the rates offered lower on an assumption that the cycle of interest rate hikes by the Bank of England has peaked.
Some two-year deals now come in under 5% and below 4.5% for five years, according to mortgage brokers.
Experts warn, however, that most borrowers who took out fixed deals coming to an end in the next few years still face rates much higher than they were paying previously.
Only this week, the Bank of England estimated five million mortgage holders would see their mortgage payments rise by 2026.
Homeowners face an average rise of £240 per month, but 900,000 will see a £500 a month rise and some more than £1,000.
However, the proportion of household income spent on mortgages is expected to fall.