Rightmove reaction to the latest inflation figures

Matt Smith, Rightmove’s mortgage expert said: “As we get closer to the likely Base Rate cut, stability in the economy is exactly what we need to keep plans on course. Although there is debate around the timing of the first Base Rate cut due to concerns around service inflation, it is looking increasingly likely that it will either arrive in August or September. In the meantime, we expect to see mortgage rates continue to fall back as lenders compete for business.”

Please find Rightmove’s weekly mortgage tracker below.

Headlines

• The average 5-year fixed mortgage rate is now 4.95%, down from 6.02 % a year ago
• The average 2-year fixed mortgage rate is now 5.34%, down from 6.50% a year ago
• The average 85% LTV 5-year fixed mortgage rate is now 4.95%, down from 6.02% a year ago
• The average 60% LTV 5-year fixed mortgage rate is now 4.31%, down from 5.88% 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 £1,127 per month, down from £1,238 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 £227,924, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,127 per month if repaying over 25 years, compared with £1,238 per month a year ago (when the average first-time buyer property asking price was £225,552).

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.