Rightmove’s weekly mortgage tracker 07/02/24
February 8, 2024
Headlines
- The average 5-year fixed mortgage rate is now 4.64%, down from 4.77% a year ago
- The average 2-year fixed mortgage rate is now 4.97%, down from 5.10% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.58%, down from 4.79% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.10%, down from 4.41% 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 £1,060 per month, down from £1,083 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 7th February 2024 | Lowest rate 7th February 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 5.59% | 5.15% | 5.64% |
|
95%
|
5 year fixed | 5.25% | 4.84% | 5.28% |
|
90%
|
2 year fixed | 5.19% | 4.84% | 5.51% |
|
90%
|
5 year fixed | 4.74% | 4.39% | 5.02% |
|
LTV (loan to value) |
Term |
Average rate 7th February 2024 | Lowest rate 7th February 2024 | Average rate
a year ago |
|
85%
|
2 year fixed |
4.96% |
4.57% |
5.12% |
|
85%
|
5 year fixed
|
4.58% |
4.13% |
4.79% |
|
75%
|
2 year fixed |
4.80% |
4.36% |
4.89% |
|
75%
|
5 year fixed
|
4.55% | 4.11% | 4.55% |
|
60%
|
2 year fixed
|
4.41% | 4.17% | 4.73% |
|
60%
|
5 year fixed |
4.10% | 3.88% | 4.41% |
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 £222,473, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,060 per month if repaying over 25 years, compared with £1,083 per month a year ago.
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