An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
April 24, 2024
Headlines
- The average 5-year fixed mortgage rate is now 4.89%, up from 4.45% a year ago
- The average 2-year fixed mortgage rate is now 5.29%, up from 4.75% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.82%, up from 4.42% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.36%, up from 4.15% 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 £1,108 per month, up from £1,054 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 24th April 2024 | Lowest rate 24th April 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.02% | 5.47% | 5.48% |
|
95%
|
5 year fixed | 5.55% | 5.09% | 5.10% |
|
90%
|
2 year fixed | 5.54% | 5.13% | 5.03% |
|
90%
|
5 year fixed | 5.08% | 4.64% | 4.67% |
|
LTV (loan to value) |
Term |
Average rate 24th April 2024 | Lowest rate 24th April 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.26% | 4.86% | 4.76% |
|
85%
|
5 year fixed
|
4.82% | 4.38% | 4.42% |
|
75%
|
2 year fixed |
5.12% | 4.65% | 4.55% |
|
75%
|
5 year fixed
|
4.76% | 4.36% | 4.24% |
|
60%
|
2 year fixed
|
4.74% | 4.46% | 4.48% |
|
60%
|
5 year fixed |
4.36% | 4.13% | 4.15% |
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 £1,108 per month if repaying over 25 years, compared with £1,054 per month a year ago.
You May Also Enjoy
Rightmove asks government to consider retaining first-time buyer stamp duty threshold
New analysis shows only 37% of homes for sale will be eligible for first-time buyer stamp duty relief in England come next April, down from 58% of homes that are currently eligible Currently, a first-time buyer pays no stamp duty on properties up to £425,000, but this is due to drop back to £300,000 from…
Read More 
5 Steps to Becoming the Best Estate Agent in Your Town
Are you passionate about your estate agency and want to become the most noted estate agency in your local area? Finding a family their dream home can feel like the greatest accomplishment, and can be extremely rewarding. In order to become the best estate agent in town, here are some top tips for success. 1.…
Read More 
Breaking Property News – 25/07/24
Daily bite-sized proptech and property news in partnership with Proptech-X. Latest property data trust framework helps digitise conveyancing The Open Property Data Association (OPDA) has released the newest version of its property data trust framework which, among other benefits, will help key conveyancing information to be provided digitally. It will be easier for consumers to…
Read More 
Rightmove’s weekly mortgage tracker
Matt Smith, Rightmove’s mortgage expert said: “We’ve seen average mortgage rates drop at a pace not seen for a while this week, faster than many expected as lender competition hots up. The first sub 4% rate for those with larger deposits and prepared to pay a higher fee is the headline-grabber, but we’ve also seen…
Read More 
Why You Should Invest in Herne Bay Property
Herne Bay, a charming coastal town in Kent, is fast becoming a hotspot for property investment. With its picturesque seafront, vibrant community, and excellent transport links, Herne Bay offers a wealth of opportunities for property investors. If you are considering a property investment and looking for estate agents in Herne Bay to guide you through…
Read More
Breaking Property News – 24/07/24
Daily bite-sized proptech and property news in partnership with Proptech-X. The recent UK election, with a new Labour government, is set to have significant implications for lettings. As housing is a devolved matter in Wales, local governance and devolution will play a crucial role in shaping this sector. Williams & Goodwin The Property People,…
Read More