Rightmove’s weekly mortgage tracker – 31/10/24

October 31, 2024
Rightmove logo

 

  • The average 5-year fixed mortgage rate is now 4.64%, down from 5.36% a year ago
  • The average 2-year fixed mortgage rate is now 4.91%, down from 5.81% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 4.66%, down from 5.44% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.04%, down from 4.94% 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 £1,089 per month, down from £1,164 per month a year ago

 

Latest rates data

 

LTV

(loan to value)

  

Term

 

 Average rate 31st October 2024 Lowest rate 31st October 2024 Average rate

a year ago

 

All

 

 2 year fixed 4.91% 3.96% 5.81%
 

All

 

 5 year fixed 4.64% 3.84% 5.36%

 

 

LTV

(loan to value)

  

Term

 

 Average rate 31st October 2024 Lowest rate 31st October 2024 Average rate

a year ago

 

95%

 

 2 year fixed 5.56% 5.20% 6.24%
 

95%

 

 5 year fixed 5.23% 4.90% 5.76%
 

90%

 

 2 year fixed 5.35% 4.87% 6.05%
 

90%

 

 5 year fixed 4.89% 4.49% 5.51%

 

 

 

LTV (loan to value)

  

Term

 Average rate 31st October 2024 Lowest rate 31st October 2024 Average rate

a year ago

 

85%

 

 2 year fixed 4.93% 4.47% 5.96%
 

85%

 

  

5 year fixed

 

 4.66% 4.09% 5.44%
 

75%

 

  

2 year fixed

 4.69% 4.11% 5.57%
 

75%

 

  

5 year fixed

 

 4.46% 3.89% 5.16%
 

60%

 

  

2 year fixed

 

 4.17% 3.96% 5.37%
 

60%

 

  

5 year fixed

 4.04% 3.84% 4.94%

 

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 £226,868, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,089 per month if repaying over 25 years, compared with £1,164 per month a year ago (when the average first-time buyer property asking price was £224,263).

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

Freehold and Leasehold Reform Act-lessees can control their own destiny

Matthew Pennycock, Minister of State for Housing and Planning, has made a Parliamentary Statement regarding the future progress of the Freehold and Leasehold Reform Act 2024. The Government have formally recognised the “significant complexity of the task” and that the legislation was rushed in at the end of the last parliament and as a result…
Read More →
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 22/11/24

The current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was…
Read More →
Estate Agent Talk

The Architecture Of Attention Behind Social Media Addiction

In the digital age, social media platforms have revolutionized how we connect, share, and consume information. Behind their sleek interfaces lies a sophisticated architecture of persuasive technology.  These platforms employ intricate design patterns and technical elements to capture and hold user attention. From subtle visual cues to complex algorithmic systems, every feature serves a calculated…
Read More →
Breaking News

2025 Predictions for the Private Rental Sector

Allison Thompson, National Lettings Managing Director, Leaders Romans Group (LRG) “As we approach 2025, the lettings industry is entering a phase marked by stabilisation and opportunity. Rental inflation has slowed to an average of 3-4% for new lets, reflecting the effects of affordability constraints; renters’ budgets are beginning to limit how much rents can rise.…
Read More →
Breaking News

Response to Matthew Pennycook’s Statement on Leasehold Reform

Yesterday, Secretary of State Matthew Pennycook made a Ministerial Statement on the future of leasehold reform. Responding, Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP said: ALEP welcomes the ministerial statement which puts in place a timeframe and some objectives for the implementation of the Leasehold & Freehold Reform Act.…
Read More →
Estate Agent Talk

Essential Garage Storage Solutions for Small Spaces

Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1.  Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More →