Rightmove’s weekly mortgage tracker and comment on inflation news

Please find below the latest average mortgage rates from Rightmove and comment from Rightmove’s mortgage expert Matt Smith on this week’s rates and this morning’s inflation news.

Matt Smith, Rightmove’s mortgage expert said: “Lenders have accelerated mortgage rate reductions over the last week and this morning’s positive inflation news will only fuel confidence amongst lenders further that they can continue to drop rates over the final weeks of this year, barring any last minute surprises.

“With the markets anticipating that rates have peaked and will fall back next year, coupled with recent positive wage data, lenders could begin to review their affordability criteria. It has been a challenging year, with higher rates and the squeeze on affordability meaning that some movers have had to reassess their budgets and look at options such as extending mortgage terms or searching for cheaper properties. An easing of affordability criteria would be positive news for many movers looking to take out a mortgage and is a trend to watch heading into 2024.”

 Headline stats 

• The average 5-year fixed mortgage rate is now 5.30%, down from 5.75% a year ago
• The average 2-year fixed mortgage rate is now 5.74%, down from 6.01% a year ago
• The average 85% LTV 5-year fixed mortgage rate is now 5.35%, down from 5.72% a year ago
• The average 60% LTV 5-year fixed mortgage rate is now 4.78%, down from 5.40% 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 £1,149 per month, down from £1,193 per month a year ago

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 £223,426, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,149 per month if repaying over 25 years, compared with £1,193 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.