Ten things you need to know about...

· You can typically fix your mortgage rate, and therefore your monthly repayments, for two, three, five, 10 or even 25 years if you are brave.

· You pay a higher rate the longer the fixed rate lasts.

· Fixed rates are popular with first-time buyers or those on a budget because they offer security. But you miss out if interest rates come down.

· Make sure that you consider the overall cost of the loan, not just the headline rate. Hefty arrangement fees of up to £700 can negate the benefits of a low rate. Some lenders, such as the Portman, charge interest annually instead of daily, which will also end up costing you more.

· If you don't switch mortgages once the fixed-rate period ends, you will automatically be put on to the lenders' standard variable rate (SVR). This now averages about 6.24 per cent.

· Fixed-rate mortgages with extended redemption tie-ins look cheap but will lock you into the lender's SVR for a number of years after the fix, or charge you hefty penalties to leave.

· Research by MoneyExpert.com shows average fixed-rate mortgages in 2004 had APRs of about 5.3 per cent, but these have now dropped to about 5.06 per cent.

· David Hollingworth, of brokers London and Country, says that lenders have just started to put their rates up on fixes. Britannia, the Lambeth Building Society, the Woolwich and Abbey have all done this during the past week.

· Brokers John Charcol and London and Country both recommend a new two-year fix from the Halifax at 4.39 per cent, with a £499 fee and free valuation and legals for those remortgaging. Newcastle has a good five-year fix at 4.47 per cent.

· For those looking longer-term, Kent Reliance has just launched a 25-year fix from 4.98 per cent. Those wanting to switch away during the life of the loan will pay a 3 per cent redemption penalty.