Rightmove’s Weekly Mortgage Tracker 15/08/23

August 15, 2023
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  • The average 5-year fixed mortgage rate is now 5.86%, up from 3.85% a year ago
  • The average 2-year fixed mortgage rate is now 6.46%, up from 3.74% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 5.92%, up from 3.83% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 5.53%, up from 3.56% 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 £1,226 per month, up from £991 per month a year ago but down from £1,252 last week

 

Commentary

 

Rightmove’s mortgage expert Matt Smith says: “Rates currently continue to move in the right direction for new borrowers, with average five-year rates dipping below 6% for the first time in a month. Five-year products have reduced by an average of 0.2% and two-year products have dropped by an average of 0.1% over the past week, as the full effect of recent lender rate cuts starts to hit the market. This week’s inflation data will be key in determining if the current trend continues or is brought to somewhat of a halt. The market remains volatile, and things can quickly change if presented with any surprising data. However right now, the downward trend highlights the desire from lenders to become more competitive and attract one of the many motivated buyers we can see are still active in the property market.”

 

Latest rates data

 

LTV

(loan to value)

  

Term

 

 Average rate 14th August 2023 Lowest rate

14th August 2023

 Average rate

a year ago

 

95%

 

 2 year fixed 6.86% 6.34% 4.14%
 

95%

 

 5 year fixed 6.11% 5.87% 4.31%
 

90%

 

 2 year fixed 6.63% 6.26% 3.85%
 

90%

 

 5 year fixed 6.01% 5.60% 3.94%

 

 

 

LTV (loan to value)

  

Term

 Average rate 14th August 2023 Lowest rate

14th August 2023

 Average rate

a year ago

 

85%

 

  

2 year fixed

 6.50% 6.09% 3.71%
 

85%

 

  

5 year fixed

 

  

5.92%

  

5.44%

 3.83%
 

75%

 

  

2 year fixed

  

6.32%

  

5.91%

 3.58%
 

75%

 

  

5 year fixed

 

  

5.73%

  

5.29%

 3.69%
 

60%

 

  

2 year fixed

 

  

6.13%

  

5.90%

 3.48%
 

60%

 

  

5 year fixed

  

5.53%

  

5.28%

 3.56%

 

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 £225,552, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,226 per month if repaying over 25 years, compared with £991 per month a year ago.

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. If you would like further data on different LTVs or fixed terms, please contact us.

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

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