Rightmove comment on Base Rate decision and latest rates

If writing about the Bank of England Base rate remaining unchanged today, please see a comment below from Rightmove’s mortgage expert Matt Smith.

Rightmove’s mortgage expert Matt smith said: “A second consecutive pause is a good indicator that the Base Rate has reached its peak, which will be reassuring to those looking to take out a mortgage soon. Today’s decision was widely expected, as many of the factors that contributed to the hold in September appear to be continuing. Plus, the drop in energy prices as a result of the recent Price Cap change means we’ll hopefully see a drop in inflation when next month’s figures are released.

 “We’ve now seen the arrival of a sub-5%, 5-year fixed rate mortgage in the important 85% loan-to-value bracket – the deposit size we see for many first-time buyers and home-movers. After today’s news, we can expect mortgage rates to continue to edge downwards”.

Please also see the latest mortgage rates from Rightmove

Headline stats 

• The average 5-year fixed mortgage rate is now 5.36%, down from 5.97% a year ago
• The average 2-year fixed mortgage rate is now 5.81%, down from 6.22% a year ago
• The average 85% LTV 5-year fixed mortgage rate is now 5.44%, down from 6.00% a year ago
• The average 60% LTV 5-year fixed mortgage rate is now 4.94%, down from 5.71% 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 £1,164 per month, down from £1,228 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 £224,263, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,164 per month if repaying over 25 years, compared with £1,228 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