The average shelf-life of a mortgage product has fallen to 16 days, down from 36 days a month previously, according to new Moneyfacts data.

Month-on-month, the average two and five-year fixed mortgage rates in March have decreased by their biggest margins in almost six months.

Moneyfacts revealed that average mortgage rates on the overall two and five-year fixed rates fell by 0.13% and 0.10%, to 5.39% and 5.22%, respectively. These drops were the biggest cuts since the start of October 2024, which saw falls of 0.16% and 0.13% respectively.

Product choice across the mortgage market has climbed to 6,684 options this month, and Moneyfacts stated that product numbers are up year-on-year (6,004) and currently at their highest number since February 2008 (6,760).

Finance expert at Moneyfacts, Rachel Springall, commented: “The rate cutting momentum was prevalent during February, with the average two and five-year fixed rates seeing their biggest cuts in almost six months.

“Such fierce competition in the aftermath of a typically subdued time of year, showed a mix of moves, but it led to the average shelf-life of a mortgage plummeting to 16 days at the start of March, down from 36 days at the start of February.

“The churn of ranges and rate moves circulated around swap rate volatility, but also due to a drop to the Bank of England base rate near the start of the month. Lenders typically act within a couple of weeks of any fierce rises or falls to swap rates.

“However, it is uncertain whether the rate cutting sentiment will be sustained in the weeks to come, particularly by significant margins, but the millions of borrowers due to come off a cheap fixed deal will be hoping for further falls, without doubt.”

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