Rightmove’s Weekly Mortgage Tracker 22/08/23

August 22, 2023
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  • The average 5-year fixed mortgage rate is now 5.79%, up from 3.89% a year ago, down from 5.86% last week
  • The average 2-year fixed mortgage rate is now 6.40%, up from 3.77% a year ago, down from 6.46% last week
  • The average 85% LTV 5-year fixed mortgage rate is now 5.82%, up from 3.87% a year ago, down from 5.92% last week
  • The average 60% LTV 5-year fixed mortgage rate is now 5.42%, up from 3.59% a year ago, down from 5.53% last week
  • 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 £1,204 per month, up from £992 per month a year ago but down from £1,226 last week

 

Commentary

Rightmove’s mortgage expert Matt Smith says: “The positive direction for rates continues this week albeit a little more slowly, with five-year rates edging down slightly more than two-year equivalent products. Swap rates are broadly flat week-on-week in response to a range of economic indicators published last week, but we should get more sense of any impact in the coming days. We are likely to see a continued period of stability for home-movers at least for now, and while the market remains sensitive to any surprises, it appears that lenders will continue to price competitively where they can.” 

Latest rates data

 

LTV

(loan to value)

  

Term

 

 Average rate 21st August 2023 Lowest rate

21st August 2023

 Average rate

a year ago

 

95%

 

 2 year fixed 6.66% 6.34% 4.23%
 

95%

 

 5 year fixed 6.09% 5.87% 4.38%
 

90%

 

 2 year fixed 6.60% 6.25% 3.89%
 

90%

 

 5 year fixed 5.97% 5.60% 3.98%

 

 

 

LTV (loan to value)

  

Term

 Average rate 21st August 2023 Lowest rate

21st August 2023

 Average rate

a year ago

 

85%

 

  

2 year fixed

 6.45% 6.09% 3.73%
 

85%

 

  

5 year fixed

 

  

5.82%

  

5.37%

 3.87%
 

75%

 

  

2 year fixed

  

6.27%

  

5.91%

 3.61%
 

75%

 

  

5 year fixed

 

  

5.64%

  

5.24%

 3.72%
 

60%

 

  

2 year fixed

 

  

6.07%

  

5.85%

 3.48%
 

60%

 

  

5 year fixed

  

5.42%

  

5.22%

 3.59%

 

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 £223,614, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,204 per month if repaying over 25 years, compared with £992 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.

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

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