Rightmove’s weekly mortgage tracker – 02/05/24

May 2, 2024
Love or Hate Rightmove

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.

Rightmove

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

You May Also Enjoy

Overseas Property

Why 2026 is the Best Year to Invest in Dominican Republic Land

If you’re eyeing Caribbean real estate, 2026 offers an exceptional window to invest in Dominican Republic land. The country has emerged as the fastest-growing Caribbean economy, creating ideal conditions for land investors. Tax incentives, infrastructure projects, and rising international interest are converging at just the right moment. Whether you’re searching for beach land for sale…
Read More →
Breaking News

Property expert on how to bag the BEST mortgage deal in today’s market

Finding a good mortgage deal in today’s market demands more than just comparing rates. While the average 2-year and 5-year fixed mortgage rates have gone down this year, they’re still higher than rates pre-pandemic. This means those in their current homes will have to pay more than they once were each month, and new buyers…
Read More →
Breaking News

Halloween Named the UK’s Most Popular Moving Day of 2025

Halloween was the most popular day to move house in 2025, breaking the long-standing trend of summer being the busiest time for home moves. We analysed the data and spoke to industry experts to understand why the peak moving day has shifted and why it fell on an international holiday.  Compare My Move reviewed more than 170,000 house moves made in 2025 and…
Read More →
for sale sign london
Breaking News

Industry Response to Halifax House Price Index

Industry response to the Halifax House Price Index December 2025 The latest index shows that: – On a monthly basis, house prices fell by 0.6% between November and December of last year. Annually, house prices were up 0.3% versus this time last year, although this annual rate of growth had slowed from 0.7% the previous…
Read More →
Breaking News

Halifax House Price Index December 2025

House prices in December 2025 were 0.3% higher compared to the same month a year earlier. UK house prices dipped in December • House prices dipped by -0.6% in December, following a -0.1% fall in November • Average property price is now £297,755, the lowest since June • Annual growth slowed to +0.3%, down from…
Read More →
Breaking News

Homebuyer demand returns following Autumn Budget

New research from Property DriveBuy reveals that Bristol, Tyne & Wear, and South Yorkshire emerged as the UK’s most in-demand areas of the housing market following the Autumn Budget, with as many as 61% of homes listed for sale successfully securing a buyer in Q4 2025. Property Drivebuy analysed residential listings data across the nation…
Read More →