After a VAR check it appears one lender jumped the gun slightly with its rate cuts, needing a slight correction – Rightmove’s weekly mortgage tracker

January 24, 2024
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Matt Smith, Rightmove’s mortgage expert said: “Some conflicting rate trends reported this morning shows that lenders are treading a fine line between offering some of the most competitive rates in many months and being caught offside by swap rate changes. Lender margins remain tight, and indeed after a VAR check it appears one lender jumped the gun slightly with its rate cuts, needing a slight correction.

“This doesn’t change the big picture that overall, average rates continue to trend downwards, with further reductions in this week’s data, and more expected to come, with those looking to take out a mortgage soon likely to see much more attractive deal on offer for them than at the peak six months ago.”

Headlines

  • The average 5-year fixed mortgage rate is now 4.67%, down from 4.85% a year ago
  • The average 2-year fixed mortgage rate is now 4.98%, down from 5.16% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 4.60%, down from 4.88% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.13%, down from 4.57% 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 £1,062 per month, down from £1,093 per month a year ago

Latest rates data

 

LTV

(loan to value)

  

Term

 

 Average rate 24th January 2024 Lowest rate 24th January 2024 Average rate

a year ago
 

95%

 

 2 year fixed 5.64% 5.20% 5.79%
 

95%

 

 5 year fixed 5.23% 4.80% 5.33%
 

90%

 

 2 year fixed 5.25% 4.86% 5.56%
 

90%

 

 5 year fixed 4.82% 4.43% 5.07%

 

LTV (loan to value)

  

Term

 Average rate 24th January 2024 Lowest rate 24th January 2024 Average rate

a year ago
 

85%

 

 2 year fixed  

4.97%

  

4.53%

 5.20%
 

85%

 

  

5 year fixed

 

  

4.60%

  

4.13%

 4.88%
 

75%

 

  

2 year fixed

  

4.74%

  

4.10%

 4.94%
 

75%

 

  

5 year fixed

 

 4.56% 4.03% 4.64%
 

60%

 

  

2 year fixed

 

 4.35% 4.08% 4.84%
 

60%

 

  

5 year fixed

 4.13% 3.88% 4.57%

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 £222,473, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,062 per month if repaying over 25 years, compared with £1,093 per month a year ago.

Rightmove

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

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