Rightmove’s weekly mortgage tracker 18/10/23
October 18, 2023
Headline stats
- The average 5-year fixed mortgage rate is now 5.42%, down from 6.08% a year ago
- The average 2-year fixed mortgage rate is now 5.88%, down from 6.32% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 5.49%, down from 6.15% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.98%, down from 5.80% 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 £1,169 per month, down from £1,248 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 17th October 2023 | Lowest rate 17th October 2023 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.32% | 6.04% | 6.61% |
|
95%
|
5 year fixed | 5.80% | 5.62% | 6.18% |
|
90%
|
2 year fixed | 6.15% | 5.74% | 6.45% |
|
90%
|
5 year fixed | 5.62% | 5.20% | 6.27% |
|
LTV (loan to value) |
Term |
Average rate 17th October 2023 | Lowest rate 17th October 2023 | Average rate
a year ago |
|
85%
|
2 year fixed |
6.03% |
5.66% |
6.33% |
|
85%
|
5 year fixed
|
5.49% |
5.06% |
6.15% |
|
75%
|
2 year fixed |
5.64% |
5.29% |
6.17% |
|
75%
|
5 year fixed
|
5.22% | 4.77% | 5.97% |
|
60%
|
2 year fixed
|
5.44% | 5.24% | 6.12% |
|
60%
|
5 year fixed |
4.98% | 4.68% | 5.80% |
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 £224,263, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,169 per month if repaying over 25 years, compared with £1,248 per month a year ago.
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