The average rate on a two-year fixed mortgage has hit a new record low, though that doesn't mean overall costs are necessarily falling.
The news comes as Leeds Building Society today launched its lowest-ever two-year fixed mortgage with a rate of just 1.99%, though it also comes with an eye-watering application fee of at least £1,999.
That brought the typical rate on a fixed deal for 24 months down to 3.82%, from 4.01% in August, according to price comparison site Moneysupermarket.com.
Mortgage costs have been falling for months as lenders are paying less on the money markets themselves to finance deals.
However, borrowers should look beyond the headline rate and consider the application fee before jumping into a deal.
Moneysupermarket says average fees for fixed mortgages have risen by 6.4% since June.
The high fee on the Leeds deal means it is only a best buy for those customers borrowing more than £164,350, according to the comparison site.
For smaller mortgages, it says Yorkshire Building Society's two-year fixed rate deal at 2.49% is cheaper, due to a lower £995 fee.
Clare Francis, from Moneysupermarket, says: "Most people are blinded by rate when it comes to mortgages. It is vital to work out the total amount you'd repay over the term of the offer."