It has not been a dramatic plunge. In fact, fixed-rate mortgages have become steadily cheaper over the last couple of years, with the rate on the average two-year product now standing at 4.25% - down from an average of 5.59% in early 2009.
Average three-year fixed rates are also at their lowest since December 2010 at 4.80%, while five-year products are at their lowest rate since January 2011 at 5.27%.
For homeowners sitting on their lenders' Standard Variable Rate (SVR), now therefore looks like a great time to remortgage to a fix before base rate starts rising again.
Moneysupermarket.com's Clare Francis said: "It's great to see fixed rate mortgage rates coming down and we are now seeing average rates falling to their lowest levels in several years.
"Many borrowers are worried that high inflation will result in base rate rising in the not too distant future and for these people it's obviously great news that they can protect themselves from this eventuality by locking into a fixed rate at a lower level than they'd have been able to do a few months ago."
What about tracker mortgages?
The rates on the leading tracker mortgages have also come down recently. The average two-year tracker rate, for example, is now 3.58% - the lowest level since January 2011.
And the rates on three-year trackers have slid slightly too, with the average deal now at 4.05% - the lowest level since February 2011.If you think the base rate is likely to stay low for some time to come, it might be worth considering a tracker as a result.
After all, it would have to rise by 0.60 percentage points over the next two years for the typical two-year tracker to equal the average two-year fixed rate.
There are obviously some risks involved in this approach, though.
Francis added: "With no one knowing when base rate will start rising, and a number of economists saying it could be next year at the earliest, some borrowers will be happy to take a gamble and go for a variable tracker mortgage in order to benefit from lower repayments now.
"Interest rates will start rising at some point though, so anyone considering a variable rate deal needs to make sure they'll be able to afford higher monthly repayments."
Why have mortgage rates fallen so much over the last couple of years?
The credit crunch resulted in the banks restricting low rate mortgage borrowing to only those with large deposits and good credit ratings.
However, the lack of 90% loans - plus the higher rates charged - has significantly reduced the number of people looking for mortgages - especially the first time buyers who drive the housing market from the bottom up.
Recent figures show that, in each of the past three years, the number of first time buyers purchasing homes in the UK has been fewer than 200,000, which is less than half the 500,000 a year seen previously.
And it is this lack of interest in borrowing at current rates that has forced banks and other mortgage lenders to review their pricing policies.
Where can I find the best deals?
If you have just a 10% deposit, then it is worth looking at HSBC's new range of home loans for people in this position.
The new rates launched just this week include a lifetime tracker at 4.19% above the base rate, giving a current pay rate of 4.69%, and a two-year fix at 4.99%, both of which come with a £599 fee.
It is also offering a five-year fix at 5.99%, again with a fee of £599.
The bank's new rates for customers with a 15% deposit, meanwhile, include a lifetime tracker at 3.49% above base rate, giving a current pay rate of 3.99% and a two-year fix at 3.99%.
The fees on these deals are £199 and £899 respectively. Other deals for those looking for an 85% loan-to-value mortgage include Yorkshire Building Society's two-year tracker, which has a current pay rate of 2.99%, and its five-year fix at 4.79%, both of which have £995 fees.
For those who can muster a 30% deposit, meanwhile, Woolwich is offering the leading two-year fixes at 2.68% with a £1,999 fee and 2.78% with a £999 fee. Which offers better value will depend on how much you are looking to borrow.
Francis said: "It is vital to consider the size of the arrangement fee as well as the interest rate when choosing a mortgage - and these very similar deals from Woolwich illustrate that point very well.
"Someone wanting to borrow £150,000 or less would be better off accepting Woolwich's slightly higher rate in return for knocking £1,000 of the fee while those borrowing larger amounts will save overall by paying more upfront."
If you want longer term security, Nationwide Building Society has launched a new market-leading five-year fix at 3.89%. This has a £900 fee, although if you're a first time buyer you'll get £300 cashback. As with the Woolwich deals mentioned above, you'll need a deposit of at least 30% in order to be eligible.
If you are fortunate enough to have a deposit of 35% or more and are willing to take a gamble and go for a variable rate, First Direct has a two-year tracker at just 1.99% with a £999 fee.
Please note: Any rates or deals mentioned in this article were available at the time of writing.
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