Mortgages: Lowest rates edge closer to sub 4%
January 10, 2024
- The average 5-year fixed mortgage rate is now 4.94%, down from 5.09% a year ago
- The average 2-year fixed mortgage rate is now 5.28%, down from 5.36% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 5.04%, down from 5.09% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.36%, down from 4.71% 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 £1,097 per month, down from £1,112 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 9th January 2024 | Lowest rate 9th January 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 5.75% | 5.40% | 6.09% |
|
95%
|
5 year fixed | 5.31% | 5.10% | 5.77% |
|
90%
|
2 year fixed | 5.53% | 4.99% | 5.71% |
|
90%
|
5 year fixed | 5.06% | 4.54% | 5.42% |
|
LTV (loan to value) |
Term |
Average rate 9th January 2024 | Lowest rate 9th January 2024 | Average rate
a year ago |
|
85%
|
2 year fixed |
5.41% |
4.84% |
5.37% |
|
85%
|
5 year fixed
|
5.04% |
4.44% |
5.09% |
|
75%
|
2 year fixed |
5.07% |
4.60% |
5.19% |
|
75%
|
5 year fixed
|
4.87% | 4.31% | 4.84% |
|
60%
|
2 year fixed
|
4.61% | 4.54% | 5.00% |
|
60%
|
5 year fixed |
4.36% | 4.19% | 4.71% |
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 £219,984, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,097 per month if repaying over 25 years, compared with £1,112 per month a year ago.
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