New data published by Moneysupermarket has shown that the average gap between between two year trackers and two year fixed rates is now 0.55%.

The price comparison site shows that the average fixed rate is 6.45%, whilst the average tracker comes in at 5.9%.

Louise Cuming at Moneysupermarket.com, says: “In the current environment of uncertainty, it's natural to look to fixed rate deals to provide security but our data clearly shows that it's imperative to look at the whole product range when looking for a new deal.

“This is especially so if you can stomach a little leeway on payments. Trackers have been avoided like the plague in recent months due to interest rates looking unstable, yet all the signs are that rates will be kept on hold for the time being, with the next movement potentially being a reduction.”

She adds: “Some are even predicting rates will go as low as 4% by the end of the year to kickstart the economy, in which case trackers could be a lifeline.”