Rightmove’s weekly mortgage tracker 7th August 2024
August 7, 2024
The lowest available 5-year fixed rate mortgage has dropped below 4.0% for the first time since February.
The lowest 60% Loan-To-Value, 5-year fixed-rate mortgage rate is now 3.95%.
Headlines
- The average 5-year fixed mortgage rate is now 4.86%, down from 5.99% a year ago
- The average 2-year fixed mortgage rate is now 5.24%, down from 6.49% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.88%, down from 6.07% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.14%, down from 5.67% 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 £1,119 per month, down from £1,243 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 7th August 2024 | Lowest rate 7th August 2024 | Average rate
a year ago |
|
All
|
2 year fixed | 5.24% | 4.39% | 6.49% |
|
All
|
5 year fixed | 4.86% | 3.95% | 5.99% |
| LTV
(loan to value) |
Term
|
Average rate 7th August 2024 | Lowest rate 7th August 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 5.94% | 5.54% | 6.92% |
|
95%
|
5 year fixed | 5.50% | 5.23% | 6.21% |
|
90%
|
2 year fixed | 5.59% | 5.18% | 6.72% |
|
90%
|
5 year fixed | 5.12% | 4.75% | 6.15% |
|
LTV (loan to value) |
Term |
Average rate 7th August 2024 | Lowest rate 7th August 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.24% | 4.84% | 6.51% |
|
85%
|
5 year fixed
|
4.88% | 4.47% | 6.07% |
|
75%
|
2 year fixed |
5.05% | 4.63% | 6.29% |
|
75%
|
5 year fixed
|
4.69% | 4.14% | 5.85% |
|
60%
|
2 year fixed
|
4.55% | 4.39% | 6.21% |
|
60%
|
5 year fixed |
4.14% | 3.95% | 5.67% |
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 £227,924, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,119 per month if repaying over 25 years, compared with £1,243 per month a year ago (when the average first-time buyer property asking price was £225,552).
You May Also Enjoy
Essential Garage Storage Solutions for Small Spaces
Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1. Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More 
How to Protect Your Property from Flooding and Water Damage
Flooding and water leaks can cause significant damage to your home or office. However, many issues can be prevented by taking proactive measures to protect your property. In this article, we’ll explain how to minimize risks and prepare for potential water-related threats. 1. Inspect and Maintain Your Plumbing System One of the most common causes…
Read More 
ONS House Price Index – November 2024
Headlines Average UK private rents increased by 8.7% in the 12 months to October 2024 (provisional estimate); this is up from 8.4% in the 12 months to September 2024. Average rents increased to £1,348 (8.8%) in England, £766 (7.9%) in Wales, and £976 (6.6%) in Scotland, in the 12 months to October 2024. In Northern…
Read More 
Foxtons Lettings Market Index October 2024
Headlines October saw the highest level of new stock entering the market, with an 8% increase from last year, the highest increase in four years October’s demand is marginally lower than last October and decreased 32% from September, as expected during this time of year Following a yearly high of £593 per week this September,…
Read More 
Breaking Property News 20/11/24
Daily bite-sized proptech and property news in partnership with Proptech-X. Proptech powered lettings service for BTR developers needing pre-approved, quality tenants at speed gets funding A proptech-driven letting agent has secured close to £500,000 during its first equity investment raise. Property Sense, headquartered in Stockport but operating nationally, secured the half a million pounds in…
Read More 
Why November and December are the best and most affordable months to buy
Buyers and sellers looking for the right time to move can consider top reasons from property experts to start the process this November and December. The autumn and winter months may not be the first that come to mind when considering a move, but potential buyers and sellers can be reassured by the experts that…
Read More