Rightmove’s weekly mortgage tracker 11/07/23
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.
You May Also Enjoy
Popping the Asking Price Bubble
Highest demand to lease office space since pre-pandemic
Planning consultations for major infrastructure to be streamlined
‘The property ladder pulls further away’ warns Open Property Group
How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase