Rightmove reacts to Bank of England rate hold
Reacting to today’s Bank Rate hold, Matt Smith, Rightmove’s mortgage expert said: “We’re still expecting two rate cuts before the end of the year, and home-movers should continue to see a downward trend in mortgage rates this side of Christmas. I think overall, there’s likely to be quite a moderate response from lenders in response to today’s news – and whilst rates should continue to come down, mortgage lenders’ funding costs are unlikely to come down significantly, which wouldn’t leave heaps of room for dramatic mortgage rate cuts. However, we’ll monitor how things play out over the coming days, and I think we could see a mixture of some lenders holding rates while others cut further to drive up pre-Christmas business. Overall, I think there’s an optimistic mood about where we’re heading, and lowering mortgage rates is supporting the increased home-moving activity we’re seeing right now particularly against last year.
Please find Rightmove’s weekly mortgage tracker below.
Headlines
- The average 5-year fixed mortgage rate is now 4.61%, down from 5.63% a year ago
- The average 2-year fixed mortgage rate is now 4.98%, down from 6.16% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.65%, down from 5.69% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 3.89%, down from 5.26% 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 £1,092 per month, down from £1,198 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 19th September 2024 | Lowest rate 19th September August 2024 | Average rate
a year ago |
|
All
|
2 year fixed | 4.98% | 3.99% | 6.16% |
|
All
|
5 year fixed | 4.61% | 3.77% | 5.63% |
| LTV
(loan to value) |
Term
|
Average rate 19th September 2024 | Lowest rate 19th September August 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 5.64% | 5.35% | 6.55% |
|
95%
|
5 year fixed | 5.31% | 5.02% | 5.97% |
|
90%
|
2 year fixed | 5.41% | 5.10% | 6.39% |
|
90%
|
5 year fixed | 4.90% | 4.55% | 5.82% |
|
LTV (loan to value) |
Term |
Average rate 19th September 2024 | Lowest rate 19th September August 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 4.99% | 4.53% | 6.24% |
|
85%
|
5 year fixed
|
4.65% | 4.14% | 5.69% |
|
75%
|
2 year fixed |
4.74% | 4.19% | 5.97% |
|
75%
|
5 year fixed
|
4.39% | 3.92% | 5.45% |
|
60%
|
2 year fixed
|
4.20% | 3.99% | 5.82% |
|
60%
|
5 year fixed |
3.89% | 3.77% | 5.26% |
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 £227,570, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,092 per month if repaying over 25 years, compared with £1,198 per month a year ago (when the average first-time buyer property asking price was £225,244).
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.
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