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