Rightmove’s weekly mortgage tracker 25/07/23

Love or Hate Rightmove

Rightmove’s mortgage expert Matt Smith says:

“After the market turbulence over the last two months, the signs are there that mortgage rates are reaching a peak. There’s been an increase in average rates compared with last week, but we may now see some lenders begin to cut rates as soon as the coming days. However, any cuts to rates are likely to be small, at least to begin with, as lenders will be looking to balance their desire to reduce rates with the need to account for any further market surprises as the economy looks to get onto a more stable footing for the long term.

“It takes some time for lenders to respond to market conditions and feed these through to mortgage rates offered to borrowers. Today’s numbers confirm that some of the reports of immediate mortgage rate falls at the tail end of last week may have been slightly premature.”

The top table tracks 85% and 60% LTV for a 5 year fixed-rate mortgage so you can quickly see the trend at a glance. Further LTVs for 2 and 5 year fixed rates are in the tables that follow. All rates are based on products with a circa £999 fee. Rightmove can now provide mortgage rates across all LTVs for 95% of the mortgage market to exclude specialist lending.

LTV

(loan to value)

 

Term

 

Average rate

18th July 2023

Average rate 25th July 2023 Weekly

Change

Lowest rate

25th July 2023

Average rate

a year ago

 

85%

 

5 year fixed 5.90% 6.18% +0.28%

5.77%

3.59%
 

60%

 

5 year fixed 5.79% 5.90% +0.11% 5.68% 3.47%

  • The average monthly mortgage payment on a first-time buyer type property* for someone taking out a five-year fixed, 85% LTV mortgage is now £1,256, up by £32 per month compared to last week
  • The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 60% LTV mortgage is now £864 up by £9 per month compared to last week

*The average asking price for a first-time buyer type property (2 bedrooms and fewer properties) is now £225,552.

 

LTV

(loan to value)

 

Term

 

Average rate

18th July 2023

Average rate 25th July 2023 Weekly

Change

Lowest rate

25th July 2023

Average rate

a year ago

 

95%

 

2 year fixed 6.91% 6.98% +0.07% 6.34% 4.07%
 

95%

 

5 year fixed 6.23% 6.34% +0.11% 5.99% 4.03%
 

90%

 

2 year fixed 6.47% 6.79% +0.32% 6.29% 3.71%
 

90%

 

5 year fixed 5.95% 6.24% +0.29% 5.75% 3.75%

 

 

 

LTV (loan to value)

 

Term

Average rate

18th July 2023

Average rate 25th July 2023 Weekly

Change

Lowest rate

25th July 2023

Average rate

a year ago

 

85%

 

 

2 year fixed

6.40% 6.67% +0.27% 6.29%  

3.55%

 

85%

 

 

5 year fixed

 

 

5.90%

 

6.18%

+0.28% 5.77%  

3.59%

 

75%

 

 

2 year fixed

 

6.29%

 

6.46%

+0.17% 6.24%  

3.55%

 

75%

 

 

5 year fixed

 

 

5.79%

 

6.00%

+0.21% 5.69%  

3.59%

 

60%

 

 

2 year fixed

 

 

6.26%

 

6.38%

+0.12% 6.24%  

3.41%

 

60%

 

 

5 year fixed

 

5.79%

 

5.90%

+0.11% 5.68%  

3.47%

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

Home and Living

Expert reveals the exact date parents must start renovating in time for summer

Loft and attic renovations are gaining popularity this spring, with nearly 11,000 monthly Google searches, highlighting them as one of the top home renovation projects Brits are planning in the coming weeks. Loft conversion specialist Sally McClean, loft conversion specialist from Enfields loft conversions Rooftop Rooms, shares the exact dates homeowners should start their renovations…
Read More
Breaking News

Nationwide HPI – Annual house price growth steady in March

Annual rate of house price growth remained stable in March at 3.9%, unchanged from February Northern Ireland remained the top performing area, with annual price growth accelerating to 13.5% London weakest performing region, with 1.9% year-on-year rise Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, said: “UK house price growth remained stable in March…
Read More
Breaking News

Tenants and landlords must be aware of new electrical safety standards in Northern Ireland

Propertymark has urged tenants and landlords in Northern Ireland to be aware of new electrical safety standards that begin on 1 April 2025.   On 19 November 2024, the new regulations were approved by the Northern Ireland Assembly in response to a public consultation throughout September 2023.   From 1 April 2025, the regulations introduce the responsibility for…
Read More
Countryside
Breaking News

End to rent adjudication measures in Scotland

Letting agents across Scotland will welcome the news that the temporary rent adjudication measures end on 31 March 2025. The Cost of Living (Tenant Protection) (Scotland) Act 2022, which temporarily protected tenants by controlling rent, limiting evictions, and setting up rent review measures, ended on 31 March 2024. However, some of these measures were extended…
Read More
Breaking News

Propertymark comments on Stamp Duty threshold changes

Commenting on the Stamp Duty threshold changes commencing from tomorrow, 1 April, Toby Leek, President of NAEA Propertymark, the leading professional body for estate agents, said: “There will be many people completing on the sale of their home today to save potentially thousands of pounds from tomorrow onwards. “Some will also be disappointed that they…
Read More
Rightmove logo
Breaking News

Rightmove comment on mortgage market and mortgage rates update

Matt Smith, Rightmove’s mortgage expert says: “As stamp duty deadline day arrives, average mortgage rates have remained steady since last week’s Spring Budget and unexpected drop in inflation rate. The lowest available mortgage rate is still a 2-year fixed deal at 3.86%, for those with the largest deposits, as the short-term outlook for rates remains…
Read More