The total product choice of residential mortgages has risen above 7,000 options for the first time since March 2026, data from Moneyfacts shows.
The Moneyfacts UK Mortgage Trends Treasury Report shows that almost 350 additional options have returned to the choice of mortgage products in a month since the beginning of May 2026.
The choice has now increased again for the first time since the beginning of March 2026 to more than 7,000 options.
Data showed that mortgage product churn continued throughout May, with the average shelf life of a deal now standing at 15 days, one day less than the previous month.
It also shows that fixed mortgage rates have fallen for a month in a row, with the average two-year fixed rate seeing the biggest monthly drop in more than a year.
Since the beginning of May, the average two-year fixed rate fell by 0.10%, and the average five-year rate by 0.05%, to 5.68% and 5.63%.
This is the second month of decline since interest rates shot up due to unrest over the future of interest rates.
Moneyfacts’ average mortgage rate fell by 0.07% to 5.59%, compared to 5.66% in May 2026, but rates remain higher than at the beginning of March at 4.90%.
At a Loan-to-Value (LTV) of 95%, the average two- and five-year fixed interest rate decreased slightly month-on-month, by 0.10% and 0.04% respectively, to 6.23% and 6.02%.
Fixed rates are still lower than the average ‘revert to’ rate or the standard variable rate (SVR).
The average SVR remains at 7.13%, down 0.35% year-over-year from 7.48%. The highest recorded figure was 8.19% in November and December 2023.
Moneyfacts finance expert Rachel Springall says: “It’s now three months since the conflict in the Middle East began, sending a shockwave of uncertainty across markets. These events have completely reversed the expected path of interest rate setting for 2026 and prompted lenders to withdraw mortgage deals from sale.”
“Fortunately, volatility around swap rates has subsided somewhat and the average shelf life of a mortgage deal is now fifteen days, similar to a month earlier, and a much more reasonable duration compared to just eight days in early April. The calming product churn will no doubt please borrowers, brokers and lenders trying to keep abreast of the latest deals to enter the market.”