Rightmove’s weekly mortgage tracker 22/5/24
Matt Smith, Rightmove’s mortgage expert said: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. There’s been some to-ing and fro-ing over whether we’ll see a summer Base Rate cut, but today’s news will likely reinforce some of the positive words coming from the Bank of England in recent days. Mortgage rates are still higher than this time last year, but hopefully this is the first domino to fall as we head towards lower mortgage rates in the second half of the year.”
Headlines
- The average 5-year fixed mortgage rate is now 5.05%, up from 4.59% a year ago
- The average 2-year fixed mortgage rate is now 5.44%, up from 4.92% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 5.03%, up from 4.56% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.49%, up from 4.28% 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 £1,136 per month, up from £1,076 per month a year ago
Latest rates data
|
LTV (loan to value) |
Term
|
Average rate 22nd May 2024 | Lowest rate 22nd May 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.10% | 5.52% | 5.60% |
|
95%
|
5 year fixed | 5.70% | 5.15% | 5.15% |
|
90%
|
2 year fixed | 5.66% | 5.19% | 5.11% |
|
90%
|
5 year fixed | 5.19% | 4.71% | 4.79% |
|
LTV (loan to value) |
Term |
Average rate 22nd May 2024 | Lowest rate 22nd May 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.46% | 4.99% | 4.89% |
|
85%
|
5 year fixed
|
5.03% | 4.59% | 4.56% |
|
75%
|
2 year fixed |
5.31% | 4.83% | 4.74% |
|
75%
|
5 year fixed
|
4.95% | 4.44% | 4.41% |
|
60%
|
2 year fixed
|
4.89% | 4.75% | 4.64% |
|
60%
|
5 year fixed |
4.49% | 4.34% | 4.28% |
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 £228,003, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,136 per month if repaying over 25 years, compared with £1,076 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.
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