Rightmove’s weekly mortgage tracker – 04/10/23

Love or Hate Rightmove

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.

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Breaking News

Revealed: the most lucrative shared living postcodes

New research from COHO, the HMO management platform, reveals that the shared living market in England & Wales generates an estimated monthly rental income of £1.4bn. But which postcode areas are creating the most income from shared living? How much are HMOs making in your postcode? Find out here COHO has analysed the estimated number…
Read More
Breaking News

Mortgage approvals continue to climb in June

The latest mortgage approval data from the Bank of England figures show that: – Mortgage approvals on house purchases for June sat at 64,167 up (+1.4%) from 63,288 in May. This signals two consecutive months of growth. Approvals are also up (+5.6%) when compared to the 60,761 seen in June 2024. This growth is positive,…
Read More
bank of england interest rate
Breaking News

Bank of England Money & Credit Report June 2025

Net borrowing of mortgage debt by individuals increased by £3.1 billion to £5.3 billion in June, compared to a £2.8 billion increase to £2.2 billion of net borrowing in May. Net mortgage approvals for house purchases increased by 900, to 64,200 in June. Approvals for remortgaging also increased by 200, to 41,800 in June. This…
Read More
Breaking News

Housing market’s summer surge dampened by soaring stamp duty costs

Housing market activity has surged, with buyer demand up 11 per cent and agreed sales up eight per cent year-on-year, defying typical summer slowdown National house price inflation has slowed to 1.3 per cent, driven by a 12 per cent increase in homes for sale and higher stamp duty costs for many buyers Higher stamp…
Read More
Rightmove logo
Breaking News

Rents reach another new record as tenants pay £400 more than five years ago

The average advertised rent of homes outside of London has risen to another new record this quarter of £1,365 per calendar month (pcm), but the yearly pace of rent growth continues to slow: London rents also reach a 15th consecutive new record of £2,712 pcm this quarter Five years on from the pandemic, new tenants…
Read More
Breaking News

Six UK vineyards where homebuyers avoid the 84% premium

Six affordable UK vineyards where homebuyers avoid the 84% house price premium and toast a better deal The latest research from Yopa has revealed that living close to one of the UK’s top vineyards will set homebuyers back an average of £494,739, 84% more than the current UK average house price. However, there remain a…
Read More