Average mortgage rates decreased across the fixed and variable ranges, with the exception of fixed five-year deals which saw averages increase by 0.01%.
The number of fixed rate mortgage products on the market contracted, with the exception of five-year fixed which increased by 54 new products and three-year variable which increased by 11.
Sylvia Waycot, Editor at moneyfacts.co.uk, said:
"The average true cost of a mortgage fell during the month of May thanks to a short-term improvement in wholesale funding as a result of the fluctuation in SWAP markets.
"As speculation on a base rate rise becomes even stronger, expectations are that pressure will mount on fixed rates to increase in the near future."
