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.
You May Also Enjoy
Most active property markets in 2025 revealed
The Renters’ Rights Act: turning change into advantage
Lower mortgage rates help Santa deliver 600 more toys this Christmas
Has your property paid for Christmas this year?
Applicant budgets remain stable and rental prices in line with historic norms
