Average 5-year fixed mortgage rate now above 5% for first time since January – Rightmove’s weekly mortgage tracker
May 8, 2024
Headlines
- The average 5-year fixed mortgage rate is now 5.02%, up from 4.56% a year ago
- The average 2-year fixed mortgage rate is now 5.41%, up from 4.84% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.93%, up from 4.52% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.52%, up from 4.23% 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 £1,121 per month, up from £1,065 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 8th May 2024 | Lowest rate 8th May 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.10% | 5.49% | 5.47% |
|
95%
|
5 year fixed | 5.70% | 5.15% | 5.18% |
|
90%
|
2 year fixed | 5.65% | 5.17% | 5.06% |
|
90%
|
5 year fixed | 5.17% | 4.67% | 4.75% |
|
LTV (loan to value) |
Term |
Average rate 8th May 2024 | Lowest rate 8th May 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.38% | 4.93% | 4.84% |
|
85%
|
5 year fixed
|
4.93% | 4.51% | 4.52% |
|
75%
|
2 year fixed |
5.26% | 4.69% | 4.66% |
|
75%
|
5 year fixed
|
4.90% | 4.39% | 4.36% |
|
60%
|
2 year fixed
|
4.91% | 4.61% | 4.57% |
|
60%
|
5 year fixed |
4.52% | 4.16% | 4.23% |
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 £1,121 per month if repaying over 25 years, compared with £1,065 per month a year ago.
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