Rightmove’s weekly mortgage tracker – 04/10/23
Rightmove’s mortgage expert Matt Smith says: “It’s now the tenth week that average rates of dropped, as the slow but steady downward trend of fixed-mortgage rates continues. As more lenders begin to offer sub-5% rates, this is likely to demonstrate increasing confidence that swap rates, the underlying costs of fixed rate mortgages, will remain stable for lenders, meaning there may be more room for rates to fall, particularly for those with a smaller deposit.
“We’re starting to see more attractive rates in some Loan-to-Value (LTV) brackets than a year ago as we begin to compare rates with the post mini-Budget period, though this doesn’t take away the fact that mortgage costs are still much higher than most have been used to. Whilst there have been twists and turns, home buyers are coming to terms that rates won’t be returning to the previous ultra-low levels any time soon. However, this continued stability can at least give the many people still looking to move more certainty about what they can afford, and the type of mortgage offer they might expect.”
Headline stats
- The average 5-year fixed mortgage rate is now 5.50%, up from 5.32% a year ago
- The average 2-year fixed mortgage rate is now 6.01%, up from 5.70% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 5.58%, up from 5.07% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 5.07%, down from 5.24% 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 £1,185 per month, up from £1,123 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 3rd October 2023 | Lowest rate 3rd October 2023 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.42% | 6.24% | 5.67% |
|
95%
|
5 year fixed | 5.86% | 5.63% | 5.47% |
|
90%
|
2 year fixed | 6.20% | 5.89% | 5.81% |
|
90%
|
5 year fixed | 5.66% | 5.34% | 5.52% |
|
LTV (loan to value) |
Term |
Average rate 3rd October 2023 | Lowest rate 3rd October 2023 | Average rate
a year ago |
|
85%
|
2 year fixed |
6.13% |
5.73% |
5.65% |
|
85%
|
5 year fixed
|
5.58% |
5.14% |
5.07% |
|
75%
|
2 year fixed |
5.79% |
5.39% |
5.63% |
|
75%
|
5 year fixed
|
5.31% | 4.89% | 5.32% |
|
60%
|
2 year fixed
|
5.61% | 5.33% | 5.71% |
|
60%
|
5 year fixed |
5.07% | 4.89% | 5.24% |
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 £225,244, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,185 per month if repaying over 25 years, compared with £1,123 per month a year ago.
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.
You May Also Enjoy
Revealed: the most lucrative shared living postcodes
Mortgage approvals continue to climb in June
Bank of England Money & Credit Report June 2025
Housing market’s summer surge dampened by soaring stamp duty costs
Rents reach another new record as tenants pay £400 more than five years ago
