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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.
"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."