Rightmove’s weekly mortgage tracker

Please find below Rightmove’s weekly mortgage tracker including a comment from Matt Smith, Rightmove’s mortgage expert.

Matt Smith, Rightmove’s mortgage expert said: “Mortgage rates this week have slightly reduced compared to last week, as lenders are starting to respond to recent positive news about the UK economy and the prospect of the first base rate reduction later in the summer. As we’ve seen some high-profile rate cuts from high street lenders this week, with others likely to follow suit, we expect average rates to reduce further over the next couple of weeks. This will be welcomed news for home-buyers and timed well for any post-election bounce in activity.”

Headlines

• The average 5-year fixed mortgage rate is now 5.02%, down from 5.57 % a year ago
• The average 2-year fixed mortgage rate is now 5.42%, down from 5.99% a year ago
• The average 85% LTV 5-year fixed mortgage rate is now 5.01%, down from 5.58% a year ago
• The average 60% LTV 5-year fixed mortgage rate is now 4.42%, down from 5.35% 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 £1,133 per month, down from £1,191 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 £227,757, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,133 per month if repaying over 25 years, compared with £1,191 per month a year ago (when the average first-time buyer property asking price was £226,412).

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.