All major UK lenders are now offering fixed mortgage deals with an interest rate of less than 4%, but brokers say further cuts are not guaranteed.
A mini price war has broken out between mortgage providers, although many of the lowest-rate deals still require borrowers to provide a hefty deposit and a substantial fee.
More frequent cuts in interest rates by the Bank of England are expected this year, amid global economic turmoil.
However, lenders are already reflecting those predicted cuts in their latest deals, suggesting borrowers could be taking a risk by relying on ongoing drops in mortgage costs.
"If the base rate does come down then there is a chance fixes could get a bit cheaper but there are no guarantees," said Aaron Strutt, from broker Trinity Financial.
Timing issue for borrowers
Some tracker and variable rate mortgages move closely in line with the Bank of England's base rate, which is expected to be cut from 4.5% on 8 May.
However, more than eight in 10 mortgage customers have fixed-rate deals. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it.
About 800,000 fixed-rate mortgages, currently with an interest rate of 3% or below, are expected to expire every year, on average, until the end of 2027.
The average rate for a two-year fixed deal is now 5.21%, according to the financial information service Moneyfacts. A typical five-year deal has a rate of 5.12%.
