Rightmove’s weekly mortgage tracker 31st July 2024
Matt Smith, Rightmove’s mortgage expert said: “All eyes are on tomorrow’s Bank of England decision where many are hoping for a first cut to the Base Rate for four years. The markets are currently favouring the likelihood of a cut, but as we’ve seen in recent weeks, this can change and I think it could go either way tomorrow. If the Bank Rate is cut, it will be really positive news and hopefully more will follow as the economy continues to stabilise. If it isn’t, people shouldn’t be too concerned – as it is highly likely it would follow in September, and I’d expect mortgage rates to hold steady and perhaps even trickle down a bit – albeit not quite as fast as if there is a cut.”
Please find Rightmove’s weekly mortgage tracker below.
Headlines
- The average 5-year fixed mortgage rate is now 4.87%, down from 6.07% a year ago
- The average 2-year fixed mortgage rate is now 5.25%, down from 6.56% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.91%, down from 6.16% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.19%, down from 5.77% 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 £1,122 per month, down from £1,254 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 31st July 2024 | Lowest rate 31st 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% | 6.26% |
|
90%
|
2 year fixed | 5.58% | 5.18% | 6.74% |
|
90%
|
5 year fixed | 5.12% | 4.75% | 6.18% |
|
LTV (loan to value) |
Term |
Average rate 31st July 2024 | Lowest rate 31st July 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.27% | 4.84% | 6.63% |
|
85%
|
5 year fixed
|
4.91% | 4.49% | 6.16% |
|
75%
|
2 year fixed |
5.08% | 4.64% | 6.40% |
|
75%
|
5 year fixed
|
4.73% | 4.14% | 5.96% |
|
60%
|
2 year fixed
|
4.59% | 4.39% | 6.22% |
|
60%
|
5 year fixed |
4.19% | 4.03% | 5.77% |
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 £1,122 per month if repaying over 25 years, compared with £1,254 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
You May Also Enjoy
Rightmove House Price Index: Record number of sellers in promising start to 2025, but uncertainties ahead
Zoopla identifies housing markets with best prospects for house price growth in 2025
Shared Ownership vs. Traditional Mortgages: What’s the Difference?
Rightmove’s weekly mortgage tracker – 16/01/25
Breaking Property News 16/01/25