Rightmove’s weekly mortgage tracker 4th September 2024

September 4, 2024
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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.

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

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