Rightmove’s weekly mortgage tracker

Please find below the latest average mortgage rates from Rightmove and commentary from Rightmove’s mortgage expert Matt Smith.

Headline stats

• The average 5-year fixed mortgage rate is now 6.06%, up from 3.81% a year ago
• The average 2-year fixed mortgage rate is now 6.56%, up from 3.71% a year ago
• The average 85% LTV 5-year fixed mortgage rate is now 6.14%, up from 3.76% a year ago
• The average 60% LTV 5-year fixed mortgage rate is now 5.77%, up from 3.46% a year ago
• The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,252 per month, up from £984 per month a year ago

Commentary

Rightmove’s mortgage expert Matt Smith says: “The market has remained relatively calm since the Base Rate increase, and those looking to take out a mortgage soon will be hoping this period of some stability continues for as long as possible. As expected, despite the Base Rate rise, fixed-rate mortgage deals have continued to tentatively trend downwards and based on the latest swap rates, are likely to continue to do so slowly, barring any market surprises. A settled market provides more confidence and certainty and next week’s inflation data will be key to setting the tone for the following weeks. If some positive news means confidence can continue to build, lenders may feel they can get more competitive with their rates to attract the many motivated buyers still in the market to move.”

Latest rates data

Rightmove can provide average monthly mortgage payments based on the latest available asking price and mortgage rate data. For example, the average monthly mortgage payment on a first-time buyer type property which is currently £225,552, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,252 per month if repaying over 25 years, compared with £984 per month a year ago.

Average mortgage rates to be credited to Rightmove. The data is provided by specialist mortgage technology provider Podium Solutions. The data covers 95% of mortgage lending, to exclude specialist lenders. All rates are based on products with a circa £999 fee. If you would like further data on different LTVs or fixed terms, please contact us.