A key measure of borrowing costs for residential real estate in Britain to less than 6 % for the first time since last June, offering a glimmer of hope that the country’s worst mortgage crisis is coming to an end.

Fixed-rate mortgages with a two-year average term fell to % 5.99, driven by a double freeze on interest rates by the Bank of England, according to Bloomberg News.

According to data compiled by Money Facts Group, the five-year average fixed-rate mortgage fell to % 5.6, also the lowest level since June.

James Hyde, a spokesperson for Money Facts, said: “Rates have been falling moderately since early August due to a combination of factors, including declining inflation, pauses in the base rate, and interest rate swaps.”

British households have been under pressure this year due to mortgage rates reaching a 14-year high and stubbornly high inflation.

A report released by KPMG earlier this year showed that about a quarter of British mortgage holders are considering selling and moving to a more affordable home due to rising financing costs.