Rightmove’s weekly mortgage tracker 04/10/24

October 4, 2024
Love or Hate Rightmove
  • The average 5-year fixed mortgage rate is now 4.57%, down from 5.43% a year ago
  • The average 2-year fixed mortgage rate is now 4.90%, down from 5.92% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 4.59%, down from 5.51% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 3.89%, down from 5.01% 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 £1,085 per month, down from £1,177 per month a year ago

 

 Latest rates data

 

LTV

(loan to value)

 

Term

 

Average rate 4th October 2024

Lowest rate 4th October 2024

Average rate

a year ago

 

All

 

2 year fixed

4.90%

3.84%

5.92%

 

All

 

5 year fixed

4.57%

3.68%

5.43%

 

 

LTV

(loan to value)

 

Term

 

Average rate 4th October 2024

Lowest rate 4th October 2024

Average rate

a year ago

 

95%

 

2 year fixed

5.56%

5.22%

6.38%

 

95%

 

5 year fixed

5.21%

4.95%

5.82%

 

90%

 

2 year fixed

5.33%

4.85%

6.16%

 

90%

 

5 year fixed

4.85%

4.37%

5.64%

 

 

 

LTV (loan to value)

 

Term

Average rate 4th October 2024

Lowest rate 4th October 2024

Average rate

a year ago

 

85%

 

2 year fixed

4.92%

4.39%

6.06%

 

85%

 

 

5 year fixed

 

4.59%

4.09%

5.51%

 

75%

 

 

2 year fixed

4.66%

4.04%

5.70%

 

75%

 

 

5 year fixed

 

4.37%

3.87%

5.23%

 

60%

 

 

2 year fixed

 

4.11%

3.84%

5.49%

 

60%

 

 

5 year fixed

3.89%

3.68%

5.01%

 

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 £1,085 per month if repaying over 25 years, compared with £1,177 per month a year ago (when the average first-time buyer property asking price was £225,244).

Rightmove

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

You May Also Enjoy

Kerb appeal
Estate Agent Talk

Why November and December are the best and most affordable months to buy

Buyers and sellers looking for the right time to move can consider top reasons from property experts to start the process this November and December. The autumn and winter months may not be the first that come to mind when considering a move, but potential buyers and sellers can be reassured by the experts that…
Read More →
Breaking News

Farmers protest outside Westminster today in anger at the IHT ongoing debate – expert legal view

With today’s news about farmers set to protest outside Westminster in anger at the IHT ongoing debate, Tom Gauterin, Director at national law firm Freeths, said: “Although it is good to hear Mr Reed last week suggest that the Government is listening to farmers, today’s protests would suggest otherwise with the extent of their concerns…
Read More →
Love or Hate Rightmove
Breaking News

Bank Rate cuts boost optimism for 2025 despite Budget pause

Average new seller asking prices drop by 1.4% (-£5,366) this month to £366,592, a bigger fall than the usual, seasonal 0.8% drop seen at this time of year, likely due to pre- and post-Budget jitters However, despite the dampening effect of the Budget, market activity remains stronger than last year as Bank Rate falls: The…
Read More →
Breaking News

How to market to Estate Agents UK

The UK’s property sales and letting industry is quite sizable in both volume of work and those employed within. Some 25 million dwellings in England alone exist and there were estimated to be approximately 55,500 estate agents working in the United Kingdom as of the second quarter of 2024. Up and down the country, in…
Read More →
Letting Agent Talk

Preventative Measures to Reduce the Risk of Emergencies in a Rental Home

Ensuring that a rental home is safe and well-maintained is essential for both landlords and tenants. Emergencies in a rental property can lead to significant stress, financial loss, and potential damage. However, by implementing preventative measures, landlords and tenants alike can reduce the risk of emergencies and create a safer living environment. This guide provides…
Read More →
Estate Agent Talk

Understanding the Metrics Used by Estate Agents to Determine Your Home’s Worth

Determining the value of a property can sometimes feel like a complex process shrouded in mystery. However, understanding the various metrics and considerations that estate agents use to assess your home’s worth can demystify the process and empower you as a homeowner. This blog will provide a comprehensive guide to the key factors estate agents…
Read More →