Rightmove Weekly Mortgage Tracker 16/05/23
Rightmove’s mortgage expert Matt Smith says: “We’ve seen average rates edge up across most two-year and five-year Loan-To-Value (LTV) mortgages after the Bank of England’s decision to increase the Base Rate last week, but more importantly, as a result of its forecast that inflation may not come down as quickly as originally hoped. This has resulted in swap rates – the underlying costs of lenders’ fixed-rate deals – increasing slightly, and these have been passed through to lenders’ mortgage rates.
“To put this week’s changes into context, average mortgage rates are approximately where they were at the beginning of April, before some fluctuation of rates. Looking forward, we can expect more lenders to increase rates slightly in the coming weeks, as the Base Rate decision and economic outlook continues to filter through to lender rates.”
| LTV
(loan to value) |
Term
|
Average rate
10th May 2023 |
Average rate
16th May 2023 |
Weekly Change | Average rate
a year ago |
|
85%
|
5 year fixed | 4.52% | 4.56% | +0.04% | 2.85% |
|
60%
|
5 year fixed | 4.23% | 4.27% | +0.04% | 2.58% |
| LTV (loan to value) |
Term
|
Average rate
10th May 2023 |
Average rate
16th May 2023 |
Weekly Change | Average rate
a year ago |
|
95%
|
2 year fixed | 5.47% | 5.60% | +0.13% | 3.21% |
|
95%
|
5 year fixed | 5.18% | 5.15% | -0.03% | 3.43% |
|
90%
|
2 year fixed | 5.07% | 5.12% | +0.05% | 2.86% |
|
90%
|
5 year fixed | 4.75% | 4.79% | +0.04% | 3.0% |
|
LTV (loan to value) |
Term |
Average rate
10th May 2023 |
Average rate
16th May 2023 |
Weekly Change | Average rate
a year ago |
|
85%
|
2 year fixed |
4.85% |
4.90% |
+0.05% |
2.75% |
|
85%
|
5 year fixed
|
4.52% |
4.56% |
+0.04% |
2.85% |
|
75%
|
2 year fixed |
4.67% |
4.73% |
+0.06% |
2.66% |
|
75%
|
5 year fixed
|
4.36% |
4.41% |
+0.05% |
2.69% |
|
60%
|
2 year fixed
|
4.57% |
4.63% |
+0.06% |
2.58% |
|
60%
|
5 year fixed |
4.23% |
4.27% |
+0.04% |
2.58% |
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