New figures show that for the third month in a row the number of homeowners who decided to take out a variable rate-mortgage rose.

And analysts believe the data suggests that consumers believe interest rates have finally peaked.

According to Spicerhaart Financial Services, about 21% of mortgages taken out during September had rates linked to interest rates, which the group claims is the highest level since July last year.

Tracker mortgages are becoming increasingly popular, accounting for nearly all variable mortgages and 19% of all loans, the highest proportion this year.

But the group said homeowners continue to favour fixed-rate loans, with 79% of people arranging a mortgage during the month opting for a fixed-rate deal, although this was slightly down from 83% in August.

The number of people opting for two-year fixed-rate loans also fell for the third month in a row, and now accounts for 48% of new mortgages.

Steve Cox, operations director of Spicerhaart Financial Services, said: "The further decrease in demand for fixed-rate products, with consumers turning instead towards variable mortgages, demonstrates that borrowers now believe that interest rates have finally peaked.

"The proportion of borrowers opting for longer term fixed-rate mortgages, of between seven to 25 years, remains relatively stable, but fixed two-year products have seen the biggest drop, suggesting borrowers expect an imminent drop in interest rates.

"Confident in their financial security, people are hedging their bets and opting for variable products rather than locking themselves into the current high rates."

The research also shows there has been a fall in the popularity of sub-prime mortgages, which are traditionally favoured by people with poor credit histories, those who self-certify their income and the self-employed.

The group claims borrowers have been deterred from taking out such products after lenders raised their rates in response to the recent turmoil in world credit markets.

This type of lending fell by 41% from 13.1% of the total in August to 7.7% in September, its lowest level for the past six months.

The figures are based on a sample of 1,000 mortgages arranged by Spicerhaart Financial Services during September.

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