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

Home and Living

High Quality Modular Homes for the UK

Are you looking for added accommodation space in your garden / on your land? Modular Living Homes by tutumHOUSE offer a new way to live – minimalist in form, rich in experience. “There are approximately 9.6 million homes in the UK with a garden shed, and around 52% of the population owns one.” asgardsss There…
Read More
Estate Agent Talk

The most stressful places to move to in the UK

With more people in the UK moving homes during summer than any other season and the average cost of moving in the UK rising to over £14,000, picking the right place to move to has become more crucial than ever. Luckily, new research from Pay Less for Storage reveals the UK cities that make life easiest…
Read More
Estate Agent Talk

Time-Traveling Estate Agent Sequel Climbs Amazon Charts

A UK Estate Agent Currently Bringing Joy to People’s Lives – Shame He’s Fictional…   Eric Meek, the fictional estate agent created by author Dale Bradford, is back for a second outing in The Time‑Travelling Estate Agent 2, a sequel that is already climbing Amazon’s bestselling time‑travel rankings. Estate agents were recently highlighted as the third…
Read More
Estate Agent Talk

Is it finally time for lenders to back green homes?

Andrew Smith weighs the risks and rewards Property developers are increasingly pitching green homes to lenders; however, with sales cycles slowing down and repair costs rising, is now the right time to back sustainable builds and at what price point is there market demand? Sustainability is continuing to shape our future of construction with the…
Read More
Breaking News

Breaking Property News 24/07/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   OpticWise – digital infrastructure in commercial real estate If your building were a product, how would it perform on the user experience scale?  Week 9: Experience as Infrastructure – Designing for Human-Centric Buildings Welcome to Week 9 of our 52-week journey into the future…
Read More
new build homes colchester essex
Breaking News

UK Housebuilding Falters as Construction Hiring Flatlines

New research from Inventory Base reveals that UK construction industry employment has increased by almost 11% in the past five years, but there has been less than 1% growth in the past 12 months. Inventory Base’s analysis of the UK construction industry shows that in 2024 (latest data available) it employed an estimated total of…
Read More