Rightmove’s Weekly Mortgage Tracker 22/08/23
- 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.
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