Warnings
Nearly two-thirds of mortgage holders are sticking to a variable rate as the Bank of England's base rate is showing no signs of rising from its historic low of 0.5%.
Charlotte Nelson, of financial information service Moneyfacts, said that 15 lenders had cut mortgage rates in a week - partly to try to tempt some variable rate customers back to fixed rates.
"The competition to be the lowest in the mortgage market shows no signs of stopping and is great news for borrowers," she said.
All this appears to be good news for first-time buyers struggling to afford a property.
Yet, there are still significant hurdles for these, generally young, potential property owners.
The most eye-catching deals - such as HSBC's home loan which is said to be the first five-year mortgage with a rate of under 2% - can still come with significant fees and deposit requirements.
Ms Nelson said borrowers needed to consider the whole package to work out the cost of the loan.
Borrowers also face strict affordability checks that test whether they are able to cope with an interest rate rise.
Property website Rightmove also reported a rise in average asking prices, suggesting homes are becoming less affordable for first-time buyers.
It said new sellers' asking prices increased by 1.6%, or £4,381, in April compared with March to reach £286,133 on average across England and Wales, surpassing a previous peak reached last June.