Rightmove’s Weekly Mortgage Tracker 06/06/23
Rightmove’s mortgage expert Matt Smith says: “We’re now seeing the full impact of the recent inflation numbers coming through, with rates increasing by an average of 0.39% across all LTVs and those with a 10% or 15% deposit hardest hit by these latest rate changes. This is a much higher increase than we’ve seen in recent weeks and reflects the uncertainty amongst lenders right now. One factor to keep in mind for those taking out a mortgage soon is that the minimum available rates for each loan size are considerably lower than the average rate, as some lenders try to remain as competitive they can.
“For example, while the average mortgage rate for a 5-year fixed, 85% Loan-to-Value (LTV) mortgage is up by 0.47% to 5.02%, the best-buy for this type of mortgage is currently 4.43%, up by 0.07% compared to last week’s lowest available rate.
“This is the first week that we’ve seen average rates of 5% or more in all LTV brackets since early January. We’ve now seen the majority of lenders change their rates after an initially slow response to the inflation figures, and it’s likely lenders will assess the impact of these changes before making further moves.”
The top table tracks 85% and 60% LTV for a 5 year fixed-rate mortgage so you can quickly see the trend at a glance. Further LTVs for 2 and 5 year fixed rates are in the tables that follow. All rates are based on products with a circa £999 fee. Rightmove can now provide mortgage rates across all LTVs for 95% of the mortgage market to exclude specialist lending.
| LTV
(loan to value) |
Term
|
Average rate
31st May 2023 |
Average rate
6th June 2023 |
Weekly Change | Average rate
a year ago |
|
85%
|
5 year fixed | 4.55% | 5.02% | +0.47% | 3.04% |
|
60%
|
5 year fixed | 4.38% | 4.68% | +0.30% | 2.68% |
- The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 85% LTV mortgage is now £1,127, up by £52 per month compared to last week
- The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 60% LTV mortgage is now £769, up by £23 per month compared to last week
*The average asking price for a first-time buyer type property (2 bedrooms and fewer properties) is now £226,399
| LTV (loan to value) |
Term
|
Average rate
31st May 2023 |
Average rate
6th June 2023 |
Weekly Change | Average rate
a year ago |
|
95%
|
2 year fixed | 5.74% | 6.01% | +0.27% | 3.35% |
|
95%
|
5 year fixed | 5.27% | 5.50% | +0.23% | 3.55% |
|
90%
|
2 year fixed | 5.11% | 5.51% | +0.40% | 2.97% |
|
90%
|
5 year fixed | 4.76% | 5.22% | +0.46% | 3.18% |
|
LTV (loan to value) |
Term |
Average rate
31st May 2023 |
Average rate
6th June 2023 |
Weekly Change | Average rate
a year ago |
|
85%
|
2 year fixed |
4.91% |
5.39% |
+0.48% |
2.93% |
|
85%
|
5 year fixed
|
4.55% |
5.02% |
+0.47% |
3.04% |
|
75%
|
2 year fixed |
4.79% |
5.24% |
+0.45% |
2.80% |
|
75%
|
5 year fixed
|
4.43% |
4.88% |
+0.45% |
2.83% |
|
60%
|
2 year fixed
|
4.73% |
5.07% |
+0.34% |
2.64% |
|
60%
|
5 year fixed |
4.38% |
4.68% |
+0.30% |
2.68% |
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. If you would like further data on different LTVs or fixed terms, please contact us.
You May Also Enjoy
Homes on spooky street names like ‘bat’ and ‘hell’ sell for far above the national average
Why Mortgages Shouldn’t Only Be Accessible for 9–5 Workers
Property Sector is in ‘Wait and See’ Mode
Rightmove streamlines tenant move-in journey with Renter Checklist
Industry Reaction to Renters’ Rights Bill Becoming Law