Rightmove’s weekly mortgage tracker 31/08/23
- The average 5-year fixed mortgage rate is now 5.72%, up from 3.91% a year ago, down from 5.79% last week
- The average 2-year fixed mortgage rate is now 6.32%, up from 3.87% a year ago, down from 6.40% last week
- The average 85% LTV 5-year fixed mortgage rate is now 5.77%, up from 3.88% a year ago, down from 5.82% last week
- The average 60% LTV 5-year fixed mortgage rate is now 5.36%, up from 3.62% a year ago, down from 5.42% 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 £1,198 per month, up from £993 per month a year ago but down from £1,204 last week
Commentary
Rightmove’s mortgage expert Matt Smith says: “It’s been another week of some stability in the mortgage market, with average rates dropping at the same pace as last week and continuing to slowly head downwards for now. While the pace of average rate drops has held steady, falls in the lowest rate available have accelerated quite significantly this week across many Loan-to-Value ranges, reflecting more rate cuts from major lenders and some competition for mortgage business continuing to build. For example, someone looking to take out a five-year fixed mortgage rate this week with a 15% deposit could find a rate of 5.27%, compared with 5.37% last week. While this is of course still higher than last year, it further shows the more positive rate trends in recent weeks, and the importance for those looking to take out a mortgage soon in looking around for the best deal, as the lowest available rate that works for them could in some cases be notably lower than overall averages.”
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 30th August 2023 | Lowest rate
30th August 2023 |
Average rate
a year ago |
|
95%
|
2 year fixed | 6.62% | 6.34% | 4.35% |
|
95%
|
5 year fixed | 6.04% | 5.77% | 4.39% |
|
90%
|
2 year fixed | 6.51% | 6.18% | 3.98% |
|
90%
|
5 year fixed | 5.90% | 5.50% | 4.02% |
|
LTV (loan to value) |
Term |
Average rate 30th August 2023 | Lowest rate
30th August 2023 |
Average rate
a year ago |
|
85%
|
2 year fixed |
6.37% | 5.99% | 3.83% |
|
85%
|
5 year fixed
|
5.77% |
5.27% |
3.88% |
|
75%
|
2 year fixed |
6.17% |
5.81% |
3.71% |
|
75%
|
5 year fixed
|
5.57% |
5.18% |
3.74% |
|
60%
|
2 year fixed
|
6.01% |
5.75% |
3.59% |
|
60%
|
5 year fixed |
5.36% |
5.17% |
3.62% |
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 £1,198 per month if repaying over 25 years, compared with £993 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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