The reductions are positive news for the 430,000 homeowners who still need to remortgage this year and for first-time buyers trying to get on the housing ladder.
Here, Which? looks at which lenders are offering the lowest rates and what the future could hold for the cost of mortgages.
Where to find a sub-5% mortgage
As of Friday 29 September, there are 80 fixed-rate deals with sub-5% interest.
The majority are five-year products (58), followed by 10-year terms (21) and one seven-year product.
There are no two-year fixes below 5% - they are still quite a way from falling behind that threshold as the lowest rate is 5.23% from Danske Bank.
The best five-year fixes under 5%
Nine lenders are currently offering rates below 5%.
These are the Bank of Ireland, Danske Bank, HSBC, Nationwide, NatWest, Royal Bank of Scotland, Santander, Virgin Money and Yorkshire Building Society.
The top remortgaging rate is 4.92% with Yorkshire Building Society, which comes with a £1,495 fee.
The best 10-year fixes under 5%
Lloyds Bank and Nationwide are the two providers currently offering 10-year fixes below 5%.
The 4.83% rate from Lloyds, which is available to first-time buyers and home movers borrowing at 60% LTV, is the market-leading figure. It comes with a £999 fee. Remortgagers at 60% LTV can get a rate of 4.91%.
For those with a smaller deposit meaning they can borrow at 75% LTV, the best rate is again from Lloyds. It's set at 4.88% with a £999 fee.
Nationwide offers a 4.94% rate, with a £999 fee. It's available for first-time buyers, home movers and remortgagers with 60% or 75% LTV.
Find out more:Why does the LTV matter?
Loan-to-value (LTV) is the ratio of mortgage to property value, expressed as a percentage.
For example, if you're buying a £200,000 property with a £20,000 (10%) deposit, you'll need a 90% LTV mortgage.
Mortgage rates tend to be lower for those with lower LTV amounts. For example, the leading five-year fix at 60% LTV is 4.82%, compared with 5.28% for 90% LTV.
How do the cheapest deals compare with the average?
Rate reductions in the past week have caused the average five-year fix to dip below 6% for the first time since early July.
But when looking for a mortgage deal, you shouldn't settle for the average. The table shows how much those with 75% LTV can save by sourcing the leading rate compared with the average.
Will mortgage rates drop further?
But experts do believe we could now have 'stability' in the mortgage market, along with some small price cuts as lenders compete to offer the best rate.
Simon Gammon, managing partner at Knight Frank Finance said: 'We do expect more, marginal cuts during the weeks ahead, but that will soon reach a plateau.
'The best fixed-rate deals already start with a four, and we expect rates to settle in that range until the Bank of England opts to cut the base rate, which is unlikely before next spring at the very earliest.'
Matt Smith, mortgage expert at Rightmove, said: 'As we approach the final quarter of this year, we are likely to see continued stability in the mortgage market persist with rates continuing to gradually drop and more lenders likely to offer sub-5% deals.'
Which? advice on getting a mortgage
If you're looking to get a mortgage and don't know where to begin, we're here to help.
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