How to make the most of falling mortgage rates

The average interest rate on two-year fixed-rate mortgages has fallen to the lowest level since the Bank of England base rate fell to 0.50% in March 2009, comparison site Moneysupermarket says.

The rate on the average two-year loan now stands at 4.25% - down from an average of 5.59% in early 2009, while average three-year fixed rates are at their lowest since December 2010 at 4.80% and five-year fixes are at their lowest since January 2011 at 5.27%.