Rightmove’s weekly mortgage tracker – 02/05/24
Matt Smith, Rightmove’s mortgage expert said: “Next week’s Bank of England meeting will be quite key for setting the tone for mortgage rates leading into summer. An uneasy few weeks for the world economy has meant that there is still a lot of uncertainty around when we might see the first interest rate cut – and both have contributed to an uptick in average mortgage rates. Despite the rises, it doesn’t appear that we’re seeing the same kind of spike in rates as we did at this time last year. Whilst rates have risen, the actual monetary impact on average monthly payments is quite limited so far, which is reflected in home-mover activity, which we’ve seen continue on its same positive trajectory, in a busy spring market so far.”
Headlines
- The average 5-year fixed mortgage rate is now 4.97%, up from 4.48% a year ago
- The average 2-year fixed mortgage rate is now 5.38%, up from 4.78% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.90%, up from 4.44% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.50%, up from 4.17% 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 £1,117 per month, up from £1,056 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 1st May 2024 | Lowest rate 1st May 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.00% | 5.49% | 5.45% |
|
95%
|
5 year fixed | 5.56% | 5.14% | 5.10% |
|
90%
|
2 year fixed | 5.60% | 5.17% | 5.03% |
|
90%
|
5 year fixed | 5.13% | 4.67% | 4.69% |
|
LTV (loan to value) |
Term |
Average rate 1st May 2024 | Lowest rate 1st May 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.36% | 4.93% | 4.78% |
|
85%
|
5 year fixed
|
4.90% | 4.51% | 4.44% |
|
75%
|
2 year fixed |
5.22% | 4.69% | 4.57% |
|
75%
|
5 year fixed
|
4.84% | 4.39% | 4.26% |
|
60%
|
2 year fixed
|
4.88% | 4.61% | 4.51% |
|
60%
|
5 year fixed |
4.50% | 4.16% | 4.17% |
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 £227,110, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,117 per month if repaying over 25 years, compared with £1,056 per month a year ago.
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