Average Five-Year Mortgage Falls Below 3.00%

House icon and balloon with percent signThe cost of the average five-year fixed rate mortgage has fallen significantly over the past year, with many providers launching their lowest ever rates. As a result, this competition has seen the average five-year fixed mortgage rate fall below 3.00% for the first time on record, with the figure now standing at 2.98% – down from 3.30% a year ago, and a notable drop from the 4.68% recorded in November 2011.