Moneyfacts research found that the average rate on a two-year mortgage deal requiring a 10% deposit dropped from 2.56% to 2.54% between October and November.
The typical five-year rate on deals with a 10% deposit fell from 3.05% to 3.02% during this same period.
For those looking to buy a property with a 5% deposit, the average rate on a two-year deal dropped from 3.32% in October to 3.22% in November.
The typical rate on a five-year deal with a 5% deposit also fell, down from 3.63% to 3.51% during this same period.
Although average rates on deals aimed at first-time buyers have dropped month-on-month, rates overall are up.
The typical rate on two-year fixed deals across the whole market has increased from 2.25% to 2.29% between October and November.
The average five-year fixed rate has also risen during this period, up from 2.55% to 2.59%.
Moneyfacts says the reason for the jump could be due to lenders increasing rates on the most competitive deals, which usually require a deposit or equity in the property of 35% or more.
Indeed, the average rate on deals available to those with a 35% deposit or equity in their home increased from 2.11% to 2.5% on two-year fixed deals and 2.32% to 2.7% on five-year fixed deals between October and November.
Moneyfacts adds:
"For mortgage borrowers, the era of record low mortgage rates could be coming to an end, and borrowers who have not yet locked into a fixed-rate mortgage may want to consider locking into one soon.
"First-time buyers may also start to see that rate rises at the more competitive end of the market could result in deals requiring a 10% deposit or less starting to rise as well, especially if lenders become more risk-averse if the Bank of England increases base rate as expected by spring 2022."
