Rightmove’s weekly mortgage tracker 11/07/23

Love or Hate Rightmove

Rightmove’s mortgage expert Matt Smith says: “Rates are up by an average of 0.13% this week, which though slightly higher than last week’s 0.12%, is weighted much more towards shorter-term rather than longer-term fixed-deals. This reflects the ongoing view that rates will have to go higher to address inflation in the short term, but markets still believe they will fall back in the long-term.

“With even the best-buy short-term fixed-deals now approaching 6%, and the average mortgage rate across all two-year fixed Loan-to-Value (LTV) products now topping 6%, it is likely to be a blow to those looking to take out a mortgage soon, and some may be having to reassess what they can afford or temporarily pause their plans.

“However we are continuing to see a healthy level of buyer demand, with enquiries to go and view properties for sale still above 2019 levels. Many determined movers are navigating rather than stepping away from the market, with the gradual increase in mortgage rates we’ve seen over the last few weeks perhaps easier to manage than the sudden shock of the post-mini-budget period, when many products rose more than 1% in a week.”

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

4th July 2023

Average rate

11th July 2023

Weekly Change Lowest rate

11th July 2023

Average rate

a year ago

 

85%

 

5 year fixed 5.65% 5.69% +0.04% 5.37% 3.51%
 

60%

 

5 year fixed 5.41% 5.59% +0.18% 5.39% 3.34%

 

  • 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 £1,204, up by £5 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 £842 up by £15 per month compared to last week

 

*The average asking price for a first-time buyer type property (2 bedrooms and fewer properties) is now £226,412

 

LTV (loan to value)  

Term

 

Average rate

4th July 2023

Average rate

11th July 2023

Weekly Change Lowest rate

11th July 2023

Average rate

a year ago

 

95%

 

2 year fixed 6.50% 6.75% +0.25% 6.08% 3.85%
 

95%

 

5 year fixed 6.00% 6.10% +0.10% 5.83% 3.91%
 

90%

 

2 year fixed 6.22% 6.33% +0.11% 5.86% 3.60%
 

90%

 

5 year fixed 5.80% 5.81% +0.01% 5.49% 3.68%

 

 

 

 

LTV (loan to value)

 

Term

Average rate

4th July 2023

Average rate

11th July 2023

Weekly Change Lowest rate

11th July 2023

Average rate

a year ago

 

85%

 

 

2 year fixed

 

6.06%

 

6.21%

+0.15% 5.81%  

3.47%

 

85%

 

 

5 year fixed

 

 

5.65%

 

5.69%

+0.04% 5.37%  

3.51%

 

75%

 

 

2 year fixed

 

5.94%

 

6.09%

+0.15% 5.81%  

3.40%

 

75%

 

 

5 year fixed

 

 

5.53%

 

5.56%

+0.03% 5.29%  

3.45%

 

60%

 

 

2 year fixed

 

 

5.81%

 

6.09%

+0.28% 5.81%  

3.30%

 

60%

 

 

5 year fixed

 

5.41%

 

5.59%

+0.18% 5.39%  

3.34%

 

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

Rightmove logo
Breaking News

Ten years on: More first-time buyers moving to cities while the coast stands still

New ten-year analysis of the property market shows that more first-time buyers are looking to move to cities, while the coast has seen no growth in new buyers First-time buyer demand to move to Great Britain’s 50 largest cities (excluding London) is up by 16% on average over the last ten years, with Dundee topping…
Read More
Breaking News

Homeowners in England and Wales overvalue their properties by an average of 16%

Homeowners in England and Wales are overestimating the value of their property by an average of 16%, according to new figures. Data from Quick Move Now compares homeowner estimates with formal estate agent valuations and is broken down by both region and property type. Overall, homeowners overvalue in every single category.   Regional breakdown Region…
Read More
Visual blemishes on Roads due to service upgrades
Estate Agent Talk

Emergency Sidewalk Repairs: When to Act and Who to Call

Sidewalks are the unsung heroes of city infrastructure—quietly assisting tens of millions of footsteps every day. But when they crack, disintegrate, or shift all of sudden, they might quickly turn out to be volatile liabilities. In a town like New York, in which pedestrian site visitors are constant and belongings proprietors are legally chargeable for…
Read More
Breaking News

Reapit report reveals agents’ long-term market confidence amid legislative challenges

Despite the significant challenges posed by a shifting economic landscape and the largest wave of housing legislation in decades, estate and letting agents remain steadfast in their confidence about their long-term future in the industry. According to the first Reapit Property Outlook Report 2025, covering the full breadth of sales and lettings agency opinion countrywide,…
Read More
Breaking News

Owner-Occupiers Drive Resilient Commercial Property Market

Buying Becomes 37% Cheaper Than Renting The latest Commercial Property Demand Index from specialist property finance expert, Rangewell, reveals that while investor appetite across the sector held steady in Q2, strong levels of owner-occupied commercial mortgage activity are helping drive market performance, as business owners increasingly move from renting to buying their long-term premises for…
Read More
Breaking News

One year of Labour: Property market performance review

Investors left waiting for planning reform and incentives but majority plan to increase real estate allocation   Biggest failures: Lack of incentives for developers and investors, and ineffective planning reform Top priorities: Planning reform, tax incentives, and attracting international capital Where opportunities lie: Data centres, warehousing & logistics, and later-life housing Real estate debt is…
Read More