Rightmove reaction to Bank Rate cut
Matt Smith, Rightmove’s mortgage expert says:
“The much-anticipated second rate cut of the year has arrived, and with some lenders having taken their time to pass on the benefits of the expected Bank Rate cut, I think we may now see further reductions in the coming days and weeks. A fresh round of mortgage rate reductions could be a boost for buyer demand as this year’s Spring Selling season approaches its end. The lowest available five-year and two-year fixed mortgage rates are edging downwards, with the cheapest available two-year fixed rate the lowest it’s been since before the mini-Budget. Since the last rate cut, we’ve also seen how lenders are trying to help home-buyers outside of reducing rates, by reviewing their affordability criteria.
“Looking ahead, there’s still a lot of uncertainty over how trade tariffs may impact the global economy, so it’s difficult to make predictions right now. However, as it stands, the financial markets are forecasting two-to-three more Bank Rate in 2025, which could take us to a rate of 3.75% by the end of the year. In the short-term, I think movers can expect average mortgage rates to trickle downwards over the next few weeks but not dramatically.”
Rightmove’s mortgage tracker
Average rates for 2-year and 5-year fixed-rate mortgages
| Term | Average rate | Weekly change | Yearly change |
| 2-year fixed | 4.64% | -0.05% | -0.77% |
| 5-year fixed | 4.60% | -0.03% | -0.41% |
Lowest rates for 2-year and 5-year fixed-rate mortgages
| Term | Lowest rate | Weekly change | Yearly change |
| 2-year fixed | 3.72% | -0.03% | -0.89% |
| 5-year fixed | 3.78% | -0.05% | -0.38% |
Average fixed-term mortgage rates for home-buyers with 5-10% deposits
| Loan to Value (LTV) | Term | Avg rate 01 May 2025 |
Avg rate 08 May 2025 |
Weekly Change | Yearly Change |
| 95% | 2-year-fixed | 5.42% | 5.40% | -0.02% | -0.70% |
| 95% | 5-year-fixed | 5.30% | 5.27% | -0.03% | -0.43% |
| 90% | 2-year-fixed | 4.98% | 4.95% | -0.03% | -0.70% |
| 90% | 5-year-fixed | 4.82% | 4.80% | -0.02% | -0.37% |
Average fixed-term mortgage rates for home-buyers with 15-25% deposits
| Loan to Value (LTV) | Term | Avg rate 01 May 2025 |
Avg rate 08 May 2025 |
Weekly Change | Yearly Change |
| 85% | 2-year-fixed | 4.65% | 4.59% | -0.06% | -0.79% |
| 85% | 5-year-fixed | 4.59% | 4.55% | -0.04% | -0.38% |
| 75% | 2-year-fixed | 4.45% | 4.39% | -0.06% | -0.87% |
| 75% | 5-year-fixed | 4.43% | 4.41% | -0.02% | -0.49% |
Average fixed-term mortgage rates for home-buyers with 40% deposits
| Loan to Value (LTV) | Term | Avg rate 01 May 2025 |
Avg rate 08 May 2025 |
Weekly Change | Yearly Change |
| 60% | 2-year-fixed | 4.06% | 4.01% | -0.05% | -0.90% |
| 60% | 5-year-fixed | 4.10% | 4.06% | -0.04% | -0.46% |
These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee.
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