Rightmove weekly mortgage tracker 11/05/23
Rightmove’s mortgage expert Matt Smith says: “Average mortgage rates have continued to rise over the last week ahead of the expected increase in the Bank of England Base Rate tomorrow, as the underlying costs of fixed rate mortgages factor in a potential rise. However, rates across all Loan-To-Value ranges (LTV) have only increased by an average of 0.06% compared to last week. The 75% LTV category has seen the highest increase across both two-year and five-year fixed rates, while the smaller deposit 90% & 95% LTV two-year deals have seen the smallest increases.
“Looking ahead, the direction of rates over the coming week will be heavily influenced by the Bank of England’s analysis on inflation, and the future path for the Base Rate, which will accompany the decision tomorrow. If the Bank outlines a positive view on the prospect for inflation and Base Rates, we could see mortgage rates fall, as they have done after recent Base Rate decisions. But if the Bank is more cautious, we can expect rates to continue their upward trend in the short term.”
| LTV
(loan to value) |
Term
|
Average rate
3rd May 2023 |
Average rate
10th May 2023 |
Weekly Change | Average rate
a year ago |
|
85%
|
5 year fixed | 4.44% | 4.52% | +0.08% | 2.84% |
|
60%
|
5 year fixed | 4.17% | 4.23% | +0.06% | 2.55% |
| LTV (loan to value) |
Term
|
Average rate
3rd May 2023 |
Average rate
10th May 2023 |
Weekly Change | Average rate
a year ago |
|
95%
|
2 year fixed | 5.45% | 5.47% | +0.02% | 3.19% |
|
95%
|
5 year fixed | 5.10% | 5.18% | +0.08% | 3.46% |
|
90%
|
2 year fixed | 5.04% | 5.07% | +0.03% | 2.80% |
|
90%
|
5 year fixed | 4.69% | 4.75% | +0.06% | 2.97% |
|
LTV (loan to value) |
Term |
Average rate
3rd May 2023 |
Average rate
10th May 2023 |
Weekly Change | Average rate
a year ago |
|
85%
|
2 year fixed |
4.79% |
4.85% |
+0.06% |
2.70% |
|
85%
|
5 year fixed
|
4.44% |
4.52% |
+0.08% |
2.84% |
|
75%
|
2 year fixed |
4.58% |
4.67% |
+0.09% |
2.60% |
|
75%
|
5 year fixed
|
4.26% |
4.36% |
+0.10% |
2.65% |
|
60%
|
2 year fixed
|
4.51% |
4.57% |
+0.06% |
2.52% |
|
60%
|
5 year fixed |
4.17% |
4.23% |
+0.06% |
2.55% |
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