Rightmove’s weekly mortgage tracker 25/07/23
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.
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