Rightmove’s weekly mortgage tracker 24th July 2024
Matt Smith, Rightmove’s mortgage expert said: “We’ve seen average mortgage rates drop at a pace not seen for a while this week, faster than many expected as lender competition hots up. The first sub 4% rate for those with larger deposits and prepared to pay a higher fee is the headline-grabber, but we’ve also seen some notable drops in rates in other loan-to-value brackets which should benefit more mass-market movers. It’s interesting to see this competition for business increase even before the Base Rate decision, and though there’s still only around a 50% chance the Base Rate will be cut next week, if the current positive market sentiment continues we could see further mortgage rate cuts.”
Please find Rightmove’s weekly mortgage tracker below.
Headlines
- The average 5-year fixed mortgage rate is now 4.88%, down from 6.08% a year ago
- The average 2-year fixed mortgage rate is now 5.27%, down from 6.60% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.92%, down from 6.12% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.21%, down from 5.83% 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 £1,124 per month, down from £1,249 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 24th July 2024 | Lowest rate 24th July 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 5.96% | 5.54% | 6.94% |
|
95%
|
5 year fixed | 5.48% | 5.23% | 6.29% |
|
90%
|
2 year fixed | 5.59% | 5.18% | 6.76% |
|
90%
|
5 year fixed | 5.13% | 4.75% | 6.21% |
|
LTV (loan to value) |
Term |
Average rate 24th July 2024 | Lowest rate 24th July 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.28% | 4.87% | 6.64% |
|
85%
|
5 year fixed
|
4.92% | 4.49% | 6.12% |
|
75%
|
2 year fixed |
5.11% | 4.69% | 6.42% |
|
75%
|
5 year fixed
|
4.76% | 4.14% | 5.94% |
|
60%
|
2 year fixed
|
4.62% | 4.46% | 6.34% |
|
60%
|
5 year fixed |
4.21% | 4.04% | 5.83% |
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 £227,924, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,124 per month if repaying over 25 years, compared with £1,249 per month a year ago (when the average first-time buyer property asking price was £225,552).
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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