Rightmove’s weekly mortgage tracker 4th September 2024
The lowest available 5-year fixed rate mortgage is now 3.77% (for 60% LTV), which is the lowest a five-year fixed rate has been since before the mini-Budget in September 2022.
Other key points this week include the average 5-year fixed mortgage being a full 1.0% lower than last year, and the average 60% 5-year rate dipping below 4.0%.
Headlines
- The average 5-year fixed mortgage rate is now 4.68%, down from 5.68% a year ago
- The average 2-year fixed mortgage rate is now 5.04%, down from 6.27% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 4.71%, down from 5.73% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 3.97%, down from 5.33% 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 £1,097 per month, down from £1,193 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 4th September 2024 | Lowest rate 4th September August 2024 | Average rate
a year ago |
|
All
|
2 year fixed | 5.04% | 4.12% | 6.27% |
|
All
|
5 year fixed | 4.68% | 3.77% | 5.68% |
| LTV
(loan to value) |
Term
|
Average rate 4th September 2024 | Lowest rate 4th September August 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 5.72% | 5.35% | 6.61% |
|
95%
|
5 year fixed | 5.37% | 5.05% | 5.99% |
|
90%
|
2 year fixed | 5.49% | 5.12% | 6.46% |
|
90%
|
5 year fixed | 4.99% | 4.55% | 5.85% |
|
LTV (loan to value) |
Term |
Average rate 4th September 2024 | Lowest rate 4th September August 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.05% | 4.55% | 6.31% |
|
85%
|
5 year fixed
|
4.71% | 4.17% | 5.73% |
|
75%
|
2 year fixed |
4.79% | 4.37% | 6.12% |
|
75%
|
5 year fixed
|
4.45% | 3.93% | 5.52% |
|
60%
|
2 year fixed
|
4.30% | 4.12% | 5.96% |
|
60%
|
5 year fixed |
3.97% | 3.77% | 5.33% |
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 £227,191, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,097 per month if repaying over 25 years, compared with £1,193 per month a year ago (when the average first-time buyer property asking price was £223,614).
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.
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