Most people would agree the chances of finding a mortgage with a lower interest rate than an average savings account would be slim to none. However the state of the mortgage market in the UK in recent months has changed this. Nowadays it is easier than you might imagine to find a superbly-low interest rate attached to a mortgage. Recent research for This is Money has revealed there are now a little over two-dozen mortgages available that have cheaper interest rates attached to them than the average savings account. Rates are falling and they continue to do so The above statement could be used for people wanting to find a half-decent savings account that pays them a reasonable amount of interest. The best rate found recently through the research mentioned above was a mere 1.5% for an easy access account. However that statement is also increasingly being applied to mortgages as well. After a period in which there was speculation that rates would start to rise, the exact opposite has actually occurred. Rates have fallen and there is every indication we may see even cheaper mortgage rates in the near future too. It may not be a good time for savers, but for those looking for a decent mortgage deal it could be a very promising time indeed. Which borrowers will be most likely to get the cheapest mortgage rates? You may already be aware that the cheapest rates are available to those people who can put down larger deposits. If you could only lay down the minimum of 5% of the property price as a deposit, you would still get a reasonable rate, but it would be more likely to be in the region of 4% – 5%. Those with a much bigger deposit that nears half the price of the property will gain access to the lowest rates on the market at the moment. Cheapest rates are on the short-term fixed deals It is worth considering whether getting the cheapest rates would be the most prudent move to make however. Recent research has shown that while rates are dropping for two-, five- and ten-year fixed rate mortgages alike, there are differing rates available on all these products. You will pay far less for a two-year fixed rate deal than you would for a ten-year deal for example. However the ten-year deal is still highly attractive and since interest rates will start to rise eventually, it could give you a far longer period of peace of mind to enjoy. As you can see, the situation is not a pretty one for savers. However for those looking for an affordable mortgage with a low interest rate, the market has far more on offer than you might think. If you are considering moving in the near future, this could be the time when you get a better rate than you would ever have imagined was possible even a year or two ago.