Rightmove’s weekly mortgage tracker 06/09/23
- The average 5-year fixed mortgage rate is now 5.69%, up from 4.02% a year ago
- The average 2-year fixed mortgage rate is now 6.28%, up from 4.02% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 5.73%, up from 3.99% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 5.33%, up from 3.72% 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 £1,193 per month, up from £1,002 per month a year ago
Rightmove’s mortgage expert Matt Smith says: “This is the sixth consecutive week we’ve seen average mortgage rates drop, and with some of the bigger lenders signalling their intention to announce further rate drops in the coming days, this will be a confidence booster for those looking to take out a mortgage soon. Over this six week period we’ve seen average 5-year fixed mortgages fall by 0.42%, while 2-year fixed rates are down by 0.33%. More stability in the mortgage market after a topsy-turvy few months earlier in the year is a good thing for home movers, particularly as it means we are seeing lenders continuing to actively compete for business.”
| LTV
(loan to value) |
Term
|
Average rate 5th September 2023 | Lowest rate
5th September 2023 |
Average rate
a year ago |
|
95%
|
2 year fixed | 6.61% | 6.24% | 4.51% |
|
95%
|
5 year fixed | 6.03% | 5.75% | 4.47% |
|
90%
|
2 year fixed | 6.48% | 6.18% | 4.14% |
|
90%
|
5 year fixed | 5.86% | 5.40% | 4.13% |
|
LTV (loan to value) |
Term |
Average rate 5th September 2023 | Lowest rate
5th September 2023 |
Average rate
a year ago |
|
85%
|
2 year fixed |
6.32% |
5.99% |
3.97% |
|
85%
|
5 year fixed
|
5.73% |
5.24% |
3.99% |
|
75%
|
2 year fixed |
6.12% |
5.81% |
3.82% |
|
75%
|
5 year fixed
|
5.52% | 5.09% | 3.85% |
|
60%
|
2 year fixed
|
5.96% | 5.75% | 3.79% |
|
60%
|
5 year fixed |
5.33% | 5.09% | 3.72% |
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 £223,614, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,193 per month if repaying over 25 years, compared with £1,002 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.
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