The CML has now called for the government to introduce further incentives in order increase their popularity.
While reports show that borrowers are swinging back towards variable rates as interest rates appear to have peaked, 42 per cent would still opt for a fixed rate if they had to make their decision right now.
Shorter-term fixes are the most popular as borrowers exercise caution, with a quarter of respondents stating that nothing would induce them to take out a product of ten years or more.
However the peace of mind borrowers get from a fixed rate as well as the budgeting side of things were both key factors which would tempt them.
Naturally, losing out if interest rates went down and the issue of being locked in to the same lender for a long time put people off fixing for the long term, but the portability of long-term fixes did see respondents come back on side.
Of those who responded to the YouGov research, the majority preferred a lower upfront mortgage rate with an early repayment charge, rather than an option to redeem without charge with the cost built into the mortgage rate.
Almost half said they would be willing to pay up to a tenth more of their monthly mortgage cost to have the freedom to refinance at any time at no additional cost. But the actual level of extra cost that consumers would accept is highly questionable.
Bob Pannell, CML head of research, commented: "In the absence of a major policy intervention from the government, the take up of long-term fixed rates looks set to remain relatively small for the foreseeable future, and the most we are likely to see is some movement from short-term to medium-term fixed rates."
Rob Thomas, CML senior policy adviser, added: "Measures that would trigger really significant demand for long-term fixed rates are potentially controversial or costly. But mortgage lenders' willingness to innovate in this product area suggests that they will be more than happy to meet such demand if it arrives."
