Rightmove comment on Base Rate rise

August 3, 2023
Rightmove logo

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.

You May Also Enjoy

Love or Hate Rightmove
Breaking News

Bank Rate cuts boost optimism for 2025 despite Budget pause

Average new seller asking prices drop by 1.4% (-£5,366) this month to £366,592, a bigger fall than the usual, seasonal 0.8% drop seen at this time of year, likely due to pre- and post-Budget jitters However, despite the dampening effect of the Budget, market activity remains stronger than last year as Bank Rate falls: The…
Read More →
Breaking News

How to market to Estate Agents UK

The UK’s property sales and letting industry is quite sizable in both volume of work and those employed within. Some 25 million dwellings in England alone exist and there were estimated to be approximately 55,500 estate agents working in the United Kingdom as of the second quarter of 2024. Up and down the country, in…
Read More →
Letting Agent Talk

Preventative Measures to Reduce the Risk of Emergencies in a Rental Home

Ensuring that a rental home is safe and well-maintained is essential for both landlords and tenants. Emergencies in a rental property can lead to significant stress, financial loss, and potential damage. However, by implementing preventative measures, landlords and tenants alike can reduce the risk of emergencies and create a safer living environment. This guide provides…
Read More →
Estate Agent Talk

Understanding the Metrics Used by Estate Agents to Determine Your Home’s Worth

Determining the value of a property can sometimes feel like a complex process shrouded in mystery. However, understanding the various metrics and considerations that estate agents use to assess your home’s worth can demystify the process and empower you as a homeowner. This blog will provide a comprehensive guide to the key factors estate agents…
Read More →
Breaking News

Breaking Property News 15/11/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Digital transformation of real estate drives profitability Press Release – London 14th November 2024 – Following the October budget, estate agents across the UK are seeking new ways to adapt to an evolving property market. Rising costs and shifting buyer expectations have driven a need…
Read More →
Estate Agent Talk

Labour’s Vision for Homeowners and Renters: Key Changes to Expect

The UK housing market continues to be a complex and often challenging landscape for both homeowners and renters. Labour’s vision for housing reform aims to address longstanding issues in affordability, security, and sustainability, setting out a series of policy proposals that could reshape the property market. Whether you are a homeowner, a renter, or an…
Read More →