Rightmove’s weekly mortgage tracker 22/5/24

Rightmove logo

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.

Rightmove

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

You May Also Enjoy

Breaking News

Rent Increases Under Review: What Landlords Need to Know

By Allison Thompson, National Lettings Managing Director, Leaders The Renters’ Rights Bill is currently moving through the House of Lords and is expected to bring wide-ranging changes to the way privately rented homes are managed. Among the most significant are new limits on how and when landlords can increase rent. These reforms aim to improve…
Read More
Breaking News

Breaking Property News 9/09/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Why those who adopt AI responsibly stand to unlock efficiency, trust, and long-term relevance Artificial intelligence is no longer a distant promise—it is a practical tool transforming how the UK property market operates. From agencies and developers to investors and property managers, it has…
Read More
Breaking News

Industry reacts as Renters’ Rights Bill set to become law

The Renters’ Rights Bill has cleared its final stage in the Commons with Housing Minister Matthew Pennycook confirming that the Government has rejected almost all amendments proposed by the House of Lords. The legislation is now set to proceed through its final ‘ping-pong’ stage before receiving Royal Assent, with all of its major measures intact…
Read More
Home and Living

We asked housemates what really matters when living together

Finding a new houseshare can feel like a gamble. Will it be the warm, welcoming home of your dreams, or the kind of place you actively avoid until bedtime? With so many variables at play, what should you actually be looking for when viewing a co-living house, and what questions are worth asking the current…
Read More
Estate Agent Talk

The Rise of DIY Law: 8 Disputes Brits Are Handling Without Solicitors

A new study by South East law firm, Stephen Rimmer, has raised concern over the number of people attempting to handle legal disputes without professional help, often unaware of the costly risks involved. By analysing UK Google search activity from the past 12 months, the research uncovered the eight areas of dispute law most commonly…
Read More
estate agency contracts
Estate Agent Talk

Homebuyers demand transparency when referred to estate agents

The latest research from GetAgent Exchange has revealed that while referrals to estate agents are now commonplace in the home moving process, buyers and sellers want these referrals to come with transparent data and comparison options, not simply a single recommendation. The survey of more than 1,000 recent homebuyers found that 90% had been referred…
Read More