Rightmove’s weekly mortgage tracker 14th August 2024

August 14, 2024
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The lowest available 5-year fixed rate mortgage is now 3.83% (for 60% LTV), which is the lowest a five-year fixed rate has been since before the mini-Budget in September 2022.

Headlines

  • The average 5-year fixed mortgage rate is now 4.80%, down from 5.82% a year ago
  • The average 2-year fixed mortgage rate is now 5.18%, down from 6.42% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 4.86%, down from 5.88% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.05%, down from 5.47% 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 £1,117 per month, down from £1,221 per month a year ago

 

Latest rates data

 

LTV

(loan to value)

  

Term

 

 Average rate 14th August 2024 Lowest rate 14th August 2024 Average rate

a year ago

 

All

 

 2 year fixed 5.18% 4.19% 6.42%
 

All

 

 5 year fixed 4.80% 3.83% 5.82%

 

 

LTV

(loan to value)

  

Term

 

 Average rate 14th August 2024 Lowest rate 14th August 2024 Average rate

a year ago

 

95%

 

 2 year fixed 5.90% 5.44% 6.67%
 

95%

 

 5 year fixed 5.47% 5.19% 6.10%
 

90%

 

 2 year fixed 5.55% 5.18% 6.62%
 

90%

 

 5 year fixed 5.09% 4.68% 5.99%

 

 

 

LTV (loan to value)

  

Term

 Average rate 14th August 2024 Lowest rate 14th August 2024 Average rate

a year ago

 

85%

 

 2 year fixed 5.23% 4.69% 6.48%
 

85%

 

  

5 year fixed

 

 4.86% 4.36% 5.88%
 

75%

 

  

2 year fixed

 4.96% 4.43% 6.30%
 

75%

 

  

5 year fixed

 

 4.61% 3.99% 5.69%
 

60%

 

  

2 year fixed

 

 4.44% 4.19% 6.10%
 

60%

 

  

5 year fixed

 4.05% 3.83% 5.47%

 

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 £227,924, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,117 per month if repaying over 25 years, compared with £1,221 per month a year ago (when the average first-time buyer property asking price was £225,552).

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.

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