Rightmove’s Weekly Mortgage Tracker 22/08/23
- The average 5-year fixed mortgage rate is now 5.79%, up from 3.89% a year ago, down from 5.86% last week
- The average 2-year fixed mortgage rate is now 6.40%, up from 3.77% a year ago, down from 6.46% last week
- The average 85% LTV 5-year fixed mortgage rate is now 5.82%, up from 3.87% a year ago, down from 5.92% last week
- The average 60% LTV 5-year fixed mortgage rate is now 5.42%, up from 3.59% a year ago, down from 5.53% last week
- 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 £1,204 per month, up from £992 per month a year ago but down from £1,226 last week
Commentary
Rightmove’s mortgage expert Matt Smith says: “The positive direction for rates continues this week albeit a little more slowly, with five-year rates edging down slightly more than two-year equivalent products. Swap rates are broadly flat week-on-week in response to a range of economic indicators published last week, but we should get more sense of any impact in the coming days. We are likely to see a continued period of stability for home-movers at least for now, and while the market remains sensitive to any surprises, it appears that lenders will continue to price competitively where they can.”
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 21st August 2023 | Lowest rate
21st August 2023 |
Average rate
a year ago |
|
95%
|
2 year fixed | 6.66% | 6.34% | 4.23% |
|
95%
|
5 year fixed | 6.09% | 5.87% | 4.38% |
|
90%
|
2 year fixed | 6.60% | 6.25% | 3.89% |
|
90%
|
5 year fixed | 5.97% | 5.60% | 3.98% |
|
LTV (loan to value) |
Term |
Average rate 21st August 2023 | Lowest rate
21st August 2023 |
Average rate
a year ago |
|
85%
|
2 year fixed |
6.45% | 6.09% | 3.73% |
|
85%
|
5 year fixed
|
5.82% |
5.37% |
3.87% |
|
75%
|
2 year fixed |
6.27% |
5.91% |
3.61% |
|
75%
|
5 year fixed
|
5.64% |
5.24% |
3.72% |
|
60%
|
2 year fixed
|
6.07% |
5.85% |
3.48% |
|
60%
|
5 year fixed |
5.42% |
5.22% |
3.59% |
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 £223,614, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,204 per month if repaying over 25 years, compared with £992 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.
You May Also Enjoy
Buying a Home? What you need to know about asbestos
Hodge Bank introduces 80% LTV on Interest Only Mortgages, helping borrowers maximise their affordability
The end of the ‘Forever Home’? 63 per cent of young homeowners prioritise flexibility and renovation potential over permanence
Ignoring these simple winter property maintenance tasks could cost you big time
Half of first-time buyers delaying until after the Budget