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

Sellers of larger homes make £122.5k average capital gains, crushing the gains from flats

Sellers of detached homes made £122,500 in capital gains when selling their home over the last 18 months while flats yielded an average gain of £27,000 Sellers in England and Wales made an average gain of £72,000, a 38 per cent increase in value from when they bought the property The average seller in London…
Read More
Breaking News

London’s second homeowners face £16,446 CGT bill

London’s second homeowners face £16,446 capital gains tax bill, but prime London sellers escaping unscathed The latest research from Enness Global has found that whilst the London property market remains subdued, the city’s second homeowners could still be hit with significant costs when exiting their investments, with the average seller now facing a capital gains…
Read More
Love or Hate Rightmove
Estate Agent Talk

Rightmove launches new webinar to equip agents with market leading insights and business-boosting strategies

Rightmove, the UK’s largest property platform, is launching a new webinar to equip agents with the latest market intelligence and profit-boosting strategies to accelerate sales and improve conversion rates. The webinar titled, ‘From pitch to profit: Competing on more than just fee’, will take place live on Friday 17th October at 1pm, exclusively for Rightmove…
Read More
Estate Agent Talk

60% of homeowners admit to stress & sleepless nights

Managing your mortgage and mental health as 60% of homeowners admit to stress and sleepless nights The latest insight from award-winning mortgage adviser, Alexander Hall, has shown that for the majority of homeowners, their mortgage is their single largest financial worry, with 60% stating that their mortgage worries have impacted their mental health at one…
Read More
Commercial Agent Talk

Improve Tenant Satisfaction with Expert Commercial Property Management

In the world of commercial real estate, tenant satisfaction can make or break a property’s success. Happy tenants are more likely to renew leases, recommend the property to others, and take better care of the premises. However, achieving and maintaining tenant satisfaction requires more than just a well-maintained building—it takes expertise, communication, and a strategic…
Read More
Breaking News

Attic bedrooms can boost the price of a home by a quarter

Latest research from Nationwide reveals how home improvements can boost property prices in 2025 Analysis based on Nationwide’s HPI data shows extensions or loft conversions with a bedroom can increase value by up to 24% But kitchen and bathroom renovations most popular improvements amongst homeowners in last five years 34% made green improvements, such as…
Read More