New research by Moneysupermarket.com has revealed that average two-year fixed rate mortgages have fallen by 3.36 per cent over the last two years. Rates are now at a current low of 4.62 per cent, which is their lowest level since April 2008 and the middle of the credit crisis.

The averages for three and five-year fixed rate mortgage deals have also decreased since September 2009, with the average rate for a three-year fixed mortgage now standing at 5.3 per cent, down from a high of 5.86 per cent in July 2009. Five-year average rates also are now at a level of 5.83 per cent, which is down from 6.4 per cent in September 2009.

There is a great possibility that the Bank of England will increase its base rate over the coming months, and, with inflation also rising, there is increasing pressure on borrowers to fix their mortgage repayment before it is too late.

A fixed rate mortgage would seem of greatest value to borrowers looking for the benefit of having fixed monthly repayments, or those who are on a standard variable rate (SVR) and preferring a fixed rate .