Rightmove’s weekly mortgage tracker

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

Rightmove’s mortgage expert Matt Smith says: “After the market turbulence over the last two months, the signs are there that mortgage rates are reaching a peak. There’s been an increase in average rates compared with last week, but we may now see some lenders begin to cut rates as soon as the coming days. However, any cuts to rates are likely to be small, at least to begin with, as lenders will be looking to balance their desire to reduce rates with the need to account for any further market surprises as the economy looks to get onto a more stable footing for the long term. 

“It takes some time for lenders to respond to market conditions and feed these through to mortgage rates offered to borrowers. Today’s numbers confirm that some of the reports of immediate mortgage rate falls at the tail end of last week may have been slightly premature.”

The top table tracks 85% and 60% LTV for a 5 year fixed-rate mortgage so you can quickly see the trend at a glance. Further LTVs for 2 and 5 year fixed rates are in the tables that follow. All rates are based on products with a circa £999 fee. Rightmove can now provide mortgage rates across all LTVs for 95% of the mortgage market to exclude specialist lending.

• The average monthly mortgage payment on a first-time buyer type property* for someone taking out a five-year fixed, 85% LTV mortgage is now £1,256, up by £32 per month compared to last week
• The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 60% LTV mortgage is now £864 up by £9 per month compared to last week

*The average asking price for a first-time buyer type property (2 bedrooms and fewer properties) is now £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.