A mortgage is a loan secured by property, allowing individuals to purchase homes by making monthly payments over a set period. Interest rates on mortgages fluctuate based on economic conditions and central bank policies. Recent cuts by the Bank of England have influenced lenders to lower their mortgage rates. - Nationwide is reducing mortgage rates by up to 0.25 percentage points on selected two, three, and five-year fixed-rate mortgages. - The lowest five-year fixed-rate mortgage from Nationwide is now available at 3.99% for existing customers switching to a new deal and new customers. - Santander, Barclays, and First Direct are also offering mortgage rates at 3.99%. - These rate cuts are the result of a drop in swap rates and the Bank of England base rate.