Rightmove’s weekly mortgage tracker – 15/05/24
May 15, 2024
Headlines
- The average 5-year fixed mortgage rate is now 5.02%, up from 4.59% a year ago
- The average 2-year fixed mortgage rate is now 5.42%, up from 4.92% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.95%, up from 4.56% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.53%, up from 4.27% 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 £1,123 per month, up from £1,069 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 15th May 2024 | Lowest rate 15th May 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.10% | 5.52% | 5.60% |
|
95%
|
5 year fixed | 5.70% | 5.15% | 5.15% |
|
90%
|
2 year fixed | 5.67% | 5.22% | 5.11% |
|
90%
|
5 year fixed | 5.20% | 4.71% | 4.79% |
|
LTV (loan to value) |
Term |
Average rate 15th May 2024 | Lowest rate 15th May 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.39% | 4.99% | 4.89% |
|
85%
|
5 year fixed
|
4.95% | 4.62% | 4.56% |
|
75%
|
2 year fixed |
5.26% | 4.83% | 4.73% |
|
75%
|
5 year fixed
|
4.89% | 4.54% | 4.41% |
|
60%
|
2 year fixed
|
4.90% | 4.75% | 4.63% |
|
60%
|
5 year fixed |
4.53% | 4.34% | 4.27% |
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 £1,123 per month if repaying over 25 years, compared with £1,069 per month a year ago.
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