Average rates for five-year fixed-rate mortgages have fallen below 6% for the first time in over six weeks, in the latest sign of growing stabilisation in the mortgage market following the turmoil sparked by the mini budget.

The latest data from website Moneyfacts.co.uk show the average rate for a five-year fix has now dropped to 5.95%, down from a high of 6.51% reached in late October on the day of the announcement of the resignation of Liz Truss as prime minister.

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