Rightmove’s weekly mortgage tracker 06/09/23

September 6, 2023
Rightmove logo
  • The average 5-year fixed mortgage rate is now 5.69%, up from 4.02% a year ago
  • The average 2-year fixed mortgage rate is now 6.28%, up from 4.02% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 5.73%, up from 3.99% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 5.33%, up from 3.72% 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 £1,193 per month, up from £1,002 per month a year ago

Rightmove’s mortgage expert Matt Smith says: “This is the sixth consecutive week we’ve seen average mortgage rates drop, and with some of the bigger lenders signalling their intention to announce further rate drops in the coming days, this will be a confidence booster for those looking to take out a mortgage soon. Over this six week period we’ve seen average 5-year fixed mortgages fall by 0.42%, while 2-year fixed rates are down by 0.33%. More stability in the mortgage market after a topsy-turvy few months earlier in the year is a good thing for home movers, particularly as it means we are seeing lenders continuing to actively compete for business.”

LTV

(loan to value)

  

Term

 

 Average rate 5th September 2023 Lowest rate

5th September 2023

 Average rate

a year ago

 

95%

 

 2 year fixed 6.61% 6.24% 4.51%
 

95%

 

 5 year fixed 6.03% 5.75% 4.47%
 

90%

 

 2 year fixed 6.48% 6.18% 4.14%
 

90%

 

 5 year fixed 5.86% 5.40% 4.13%

 

 

LTV (loan to value)

  

Term

 Average rate 5th September 2023 Lowest rate

5th September 2023

 Average rate

a year ago

 

85%

 

 2 year fixed  

6.32%

  

5.99%

 3.97%
 

85%

 

  

5 year fixed

 

  

5.73%

  

5.24%

 3.99%
 

75%

 

  

2 year fixed

  

6.12%

  

5.81%

 3.82%
 

75%

 

  

5 year fixed

 

 5.52% 5.09% 3.85%
 

60%

 

  

2 year fixed

 

 5.96% 5.75% 3.79%
 

60%

 

  

5 year fixed

 5.33% 5.09% 3.72%

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 £1,193 per month if repaying over 25 years, compared with £1,002 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.

Rightmove

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

You May Also Enjoy

Estate Agents should not all look the same
Estate Agent Talk

How to Become an Estate Agent with No Experience

Breaking into the property industry can seem intimidating – especially if you’ve never worked in it before. But the good news? You don’t need years of experience or fancy qualifications to start a career as an estate agent in the UK. In fact, many successful estate agents started with no background in property at all.…
Read More →
buying at auction uk
Estate Agent Talk

9 Advantages of Selling Your House by Auction

Selling your house by auction might seem like a daunting prospect, but it comes with numerous advantages that can make it a highly attractive option. While the traditional method of selling through an estate agent has its place, auctions are increasingly becoming a popular choice for homeowners looking for a swift and reliable sale. Here…
Read More →
Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More →
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More →
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More →
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More →