Rightmove reaction to inflation news

Rightmove’s mortgage expert Matt Smith, and property expert Tim Bannister share their reaction to January’s inflation figures.

Matt Smith, Rightmove’s mortgage expert said: “I’d expect swap rates to rise a little in reaction to today’s surprise inflation figures. Average rates had been falling pretty sharply, but this is likely this to slow as lenders take a more cautious approach over the next few weeks. The big picture is still positive for mortgage rates, with rates more stable and attractive for movers than a year ago.”

Tim Bannister, Rightmove’s property expert added: “This morning shows that we can still expect some economic surprises this year, and agents report that the market is still very price sensitive. However, we’re seeing much more confidence from many movers at the start of this year, who are determined to get on with their plans.”

Please find below Rightmove’s weekly mortgage tracker.

Headlines

• The average 5-year fixed mortgage rate is now 4.79%, down from 4.95% a year ago
• The average 2-year fixed mortgage rate is now 5.10%, down from 5.25% a year ago
• The average 85% LTV 5-year fixed mortgage rate is now 4.82%, down from 4.95% a year ago
• The average 60% LTV 5-year fixed mortgage rate is now 4.15%, down from 4.62% 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 £1,086 per month, down from £1,101 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 £222,473, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,086 per month if repaying over 25 years, compared with £1,101 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.