Average 2-year fixed rates drop below 6% for first time since June: Rightmove’s weekly mortgage tracker
Rightmove’s mortgage expert Matt Smith says: “The average two-year fixed mortgage rate is now below 6% for the first time since June, which while still very high compared to the ultra-low levels of recent years, is further evidence of the positive downward trend of fixed rates. Average rates continue to fall across all Loan-To-Value (LTV) brackets this week, with all rates now lower than this time last year, though this does compare to the post mini-Budget period.
“While the market remains stable, eyes may soon look to the next sets of economic data, including the upcoming Autumn statement, and how swap rates respond to this news. Nevertheless, we expect the trend of steady rate drops to continue for now, and the next key highlight to look out for will hopefully be a sub-5% rate on offer in the important, mass-market 85% LTV bracket.”
Headline stats
- The average 5-year fixed mortgage rate is now 5.43%, down from 5.75% a year ago
- The average 2-year fixed mortgage rate is now 5.92%, down from 6.09% a year ago – this is the first time since June the average 2-year fixed mortgage rate is below 6%
- The average 85% LTV 5-year fixed mortgage rate is now 5.51%, down from 5.69% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 5.01%, down from 5.42% 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 £1,177 per month, down from £1,193 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 10th October 2023 | Lowest rate 10th October 2023 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.38% | 6.24% | 6.61% |
|
95%
|
5 year fixed | 5.82% | 5.62% | 6.21% |
|
90%
|
2 year fixed | 6.16% | 5.78% | 6.12% |
|
90%
|
5 year fixed | 5.63% | 5.28% | 5.83% |
|
LTV (loan to value) |
Term |
Average rate 10th October 2023 | Lowest rate 10th October 2023 | Average rate
a year ago |
|
85%
|
2 year fixed |
6.06% |
5.70% |
6.08% |
|
85%
|
5 year fixed
|
5.51% |
5.07% |
5.69% |
|
75%
|
2 year fixed |
5.70% |
5.35% |
6.00% |
|
75%
|
5 year fixed
|
5.23% | 4.80% | 5.70% |
|
60%
|
2 year fixed
|
5.49% | 5.32% | 5.88% |
|
60%
|
5 year fixed |
5.01% | 4.80% | 5.42% |
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 £225,244, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,177 per month if repaying over 25 years, compared with £1,193 per month a year ago.
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