Rightmove’s Weekly Mortgage Tracker 12/09/23

September 12, 2023
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Rightmove’s mortgage expert Matt Smith says: “There’s a widely held view that the Base Rate is now nearing its peak which led to a fall in swap rates falling towards the end of last week, and this could mean we see lenders make more significant mortgage rate cuts in the next few weeks. Swap rates have also responded reasonably positively to today’s unemployment figures and pay growth data.

“All eyes will now look to the upcoming inflation figures, which are likely to have an impact on the next Bank of England Base Rate decision. As long as the news is in line with market expectations, it’s possible that rate reductions will start to gather pace, and we could see sub-5% rates return to the market for the first time since the end of June.”

Headline stats

  • The average 5-year fixed mortgage rate is now 5.67%, up from 4.16% a year ago
  • The average 2-year fixed mortgage rate is now 6.24%, up from 4.21% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 5.73%, up from 4.13% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 5.31%, up from 3.91% 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 £1,019 per month a year ago

 

Latest rates data

 

LTV

(loan to value)

  

Term

 

 Average rate 11th September 2023 Lowest rate 11th September 2023 Average rate

a year ago

 

95%

 

 2 year fixed 6.60% 6.24% 4.66%
 

95%

 

 5 year fixed 5.97 % 5.69% 4.64%
 

90%

 

 2 year fixed 6.46% 6.18% 4.30%
 

90%

 

 5 year fixed 5.84% 5.40% 4.24%

 

 

LTV (loan to value)

  

Term

 Average rate 11th September 2023 Lowest rate

11th September 2023

 Average rate

a year ago

 

85%

 

 2 year fixed  

6.29%

  

5.94%

 4.17%
 

85%

 

  

5 year fixed

 

  

5.73%

  

5.24%

 4.13%
 

75%

 

  

2 year fixed

  

6.08%

  

5.69%

 4.00%
 

75%

 

  

5 year fixed

 

 5.51% 5.09% 3.95%
 

60%

 

  

2 year fixed

 

 5.92% 5.64% 4.04%
 

60%

 

  

5 year fixed

 5.31% 5.09% 3.91%

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 £1,019 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.

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