Rightmove comment on Base Rate rise

August 3, 2023
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Matt Smith, Rightmove’s mortgage expert says: “After a rollercoaster few weeks, the market position today is actually largely similar to six weeks ago, in that today’s rate increase was much anticipated by lenders and has been largely factored in already to mortgage rates, meaning we expect mortgage rates to continue their slow downward trajectory over the next few weeks. June’s more positive inflation numbers have given the market renewed confidence that inflation will continue to fall, and the Base Rate won’t have to go as high as previously feared, meaning lenders can tentatively start to reduce rates. All eyes are now on July’s inflation figures in a couple of weeks – more positive news could accelerate rate drops, while any surprises would temper the current renewed market optimism.”

Latest rates data

Headline stats

  • The average 5-year fixed mortgage rate is now 6.06%, up from 3.81% a year ago
  • The average 2-year fixed mortgage rate is now 6.55%, up from 3.72% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 6.14%, up from 3.75% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 5.77%, up from 3.47% 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 £1,252 per month

 

LTV

(loan to value)

  

Term

 

 Average rate 3rd August 2023 Lowest rate

3rd August 2023

 Average rate

a year ago

 

95%

 

 2 year fixed 6.94% 6.34% 4.11%
 

95%

 

 5 year fixed 6.26% 5.99% 4.28%
 

90%

 

 2 year fixed 6.75% 6.29% 3.81%
 

90%

 

 5 year fixed 6.17% 5.60% 3.91%

 

 

LTV (loan to value)

  

Term

 Average rate 3rd August 2023 Lowest rate

3rd August 2023

 Average rate

a year ago

 

85%

 

  

2 year fixed

 6.61% 6.09% 3.67%
 

85%

 

  

5 year fixed

 

  

6.14%

  

5.58%

 3.75%
 

75%

 

  

2 year fixed

  

6.39%

  

5.98%

 3.58%
 

75%

 

  

5 year fixed

 

  

5.95%

  

5.34%

 3.65%
 

60%

 

  

2 year fixed

 

  

6.24%

  

5.90%

 3.45%
 

60%

 

  

5 year fixed

  

5.77%

  

5.32%

 3.47%

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 £225,552, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,252 per month if repaying over 25 years.

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. If you would like further data on different LTVs or fixed terms, please contact us.

Rightmove

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

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