Average 5-year fixed mortgage rate dips below 5%: Rightmove’s weekly mortgage tracker

July 3, 2024
Love or Hate Rightmove

This week, the average five-year fixed mortgage rate dips below 5% for the first time since the beginning of May.

Headlines

  • The average 5-year fixed mortgage rate is now 4.99%, down from 5.68 % a year ago
  • The average 2-year fixed mortgage rate is now 5.37%, down from 6.17% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 4.99%, down from 5.68% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.39%, down from 5.42% 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 £1,131 per month, down from £1,203 per month a year ago

 

 Latest rates data

LTV

(loan to value)

  

Term

 

 Average rate 3rd July 2024 Lowest rate 3rd July 2024 Average rate

a year ago

 

95%

 

 2 year fixed 6.11% 5.52% 6.75%
 

95%

 

 5 year fixed 5.67% 5.15% 6.08%
 

90%

 

 2 year fixed 5.65% 5.19% 6.28%
 

90%

 

 5 year fixed 5.16% 4.71% 5.82%

 

 

LTV (loan to value)

  

Term

 Average rate 3rd July 2024 Lowest rate 3rd July 2024 Average rate

a year ago

 

85%

 

 2 year fixed 5.38% 4.89% 6.17%
 

85%

 

  

5 year fixed

 

 4.99% 4.57% 5.68%
 

75%

 

  

2 year fixed

 5.22% 4.74% 6.03%
 

75%

 

  

5 year fixed

 

 4.86% 4.38% 5.56%
 

60%

 

  

2 year fixed

 

 4.82% 4.63% 5.85%
 

60%

 

  

5 year fixed

 4.39% 4.23% 5.42%

 

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 £227,757, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,131 per month if repaying over 25 years, compared with £1,203 per month a year ago (when the average first-time buyer property asking price was £226,412).

Average mortgage rates to be credited to Rightmove. The data is provided by specialist mortgage technology provider Podium Solutions. The data covers 95% of mortgage lending, to exclude specialist lenders. All rates are based on products with a circa £999 fee.

Rightmove

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

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