Rightmove comment on Base Rate rise
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.
You May Also Enjoy
Letting Agents in Exeter: Your Guide to Stress-Free Property Management and Rentals
69% of UK mortgage brokers expect base rate to rise
1 in 4 Brits Already Locked Out of Homeownership as Stamp Duty Costs Become Unaffordable
Exploring Streatham: Is It a Desirable Place to Live?
5 Top Tips for Enhancing Your Home Before You Sell
