Rightmove’s weekly mortgage tracker

Rightmove logo

Matt Smith, Rightmove’s mortgage expert said: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. There’s been some to-ing and fro-ing over whether we’ll see a summer Base Rate cut, but today’s news will likely reinforce some of the positive words coming from the Bank of England in recent days. Mortgage rates are still higher than this time last year, but hopefully this is the first domino to fall as we head towards lower mortgage rates in the second half of the year.”

Headlines

  • The average 5-year fixed mortgage rate is now 5.05%, up from 4.59% a year ago
  • The average 2-year fixed mortgage rate is now 5.44%, up from 4.92% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 5.03%, up from 4.56% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.49%, up from 4.28% 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 £1,136 per month, up from £1,076 per month a year ago

Latest rates data

 

LTV

(loan to value)

 

Term

 

Average rate 22nd May 2024 Lowest rate 22nd May 2024 Average rate

a year ago

 

95%

 

2 year fixed 6.10% 5.52% 5.60%
 

95%

 

5 year fixed 5.70% 5.15% 5.15%
 

90%

 

2 year fixed 5.66% 5.19% 5.11%
 

90%

 

5 year fixed 5.19% 4.71% 4.79%

 

 

LTV (loan to value)

 

Term

Average rate 22nd May 2024 Lowest rate 22nd May 2024 Average rate

a year ago

 

85%

 

2 year fixed 5.46% 4.99% 4.89%
 

85%

 

 

5 year fixed

 

5.03% 4.59% 4.56%
 

75%

 

 

2 year fixed

5.31% 4.83% 4.74%
 

75%

 

 

5 year fixed

 

4.95% 4.44% 4.41%
 

60%

 

 

2 year fixed

 

4.89% 4.75% 4.64%
 

60%

 

 

5 year fixed

4.49% 4.34% 4.28%

 

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 £228,003, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,136 per month if repaying over 25 years, compared with £1,076 per month a year ago.

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

National Federation of Builders
Breaking News

GDP figures shows the need for planning reform

Following GDP growth of 0.4% in March 2024, April has seen no growth and in key sectors, such as construction, output has again dropped. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said: “The NFB Manifesto, ‘Supporting Construction to Power Growth’, was written with the UK’s GDP struggles in mind. While growth…
Read More
Breaking News

Breaking Property News – 12/06/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Leadpro integrates with Alto Leadpro, a lead generation and management tool, is excited to announce its integration with Alto, the market-leading software for estate agents This integration aims to drive efficiencies for agents by enabling the seamless transfer of leads from Leadpro directly into…
Read More
Estate Agent Talk

Avoiding First-Time Homebuyer Blunders: Your Roadmap to Success

Owning your first home is a monumental milestone, brimming with excitement and anticipation. It’s the start of a new chapter where dreams of having your own house become reality. Yet, amidst this exhilarating journey lies a maze of complex decisions and potential pitfalls, especially for first-time buyers. Successfully navigating the financial and emotional commitments necessitates…
Read More
National Federation of Builders 2021
Estate Agent Talk

NFB reaction and market insights to Conservative Manifesto

The Conservative party launched ‘Clear Action, Bold Action, Secure Future’, their manifesto for the 2024 general election. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said: “A healthy construction industry is the only way a nation can grow and unfortunately, construction has taken some great hits in these last five years. The…
Read More
Estate Agent Talk

Response to the Conservatives’ 2024 manifesto – Thoughts from the Industry

In its manifesto launched today, the Conservative Party promises to deliver a record number of homes each year on brownfield land in urban areas by providing a fasttrack route through the planning system for new homes on previously developed land in the 20 largest cities, cutting Stamp Duty and commitments to improving the energy efficiency…
Read More
Breaking News

Conservative Plans do Nothing to Address Shortage of Homes to Rent

Responding to proposals in the Conservative Party’s 2024 general election manifesto to scrap Capital Gains Tax for two years where landlords sell properties to sitting tenants, Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “Tenants who want to become homeowners should be supported to do so. Whilst incentivising landlords to sell to…
Read More