Rightmove’s weekly mortgage tracker 7th August 2024

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The lowest available 5-year fixed rate mortgage has dropped below 4.0% for the first time since February.

The lowest 60% Loan-To-Value, 5-year fixed-rate mortgage rate is now 3.95%.

Headlines

  • The average 5-year fixed mortgage rate is now 4.86%, down from 5.99% a year ago
  • The average 2-year fixed mortgage rate is now 5.24%, down from 6.49% a year ago
  • The average 85% LTV 5-year fixed mortgage rate is now 4.88%, down from 6.07% a year ago
  • The average 60% LTV 5-year fixed mortgage rate is now 4.14%, down from 5.67% 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 £1,119 per month, down from £1,243 per month a year ago

 Latest rates data

 

LTV

(loan to value)

 

Term

 

Average rate 7th August 2024 Lowest rate 7th August 2024 Average rate

a year ago

 

All

 

2 year fixed 5.24% 4.39% 6.49%
 

All

 

5 year fixed 4.86% 3.95% 5.99%

 

LTV

(loan to value)

 

Term

 

Average rate 7th August 2024 Lowest rate 7th August 2024 Average rate

a year ago

 

95%

 

2 year fixed 5.94% 5.54% 6.92%
 

95%

 

5 year fixed 5.50% 5.23% 6.21%
 

90%

 

2 year fixed 5.59% 5.18% 6.72%
 

90%

 

5 year fixed 5.12% 4.75% 6.15%
 

LTV (loan to value)

 

Term

Average rate 7th August 2024 Lowest rate 7th August 2024 Average rate

a year ago

 

85%

 

2 year fixed 5.24% 4.84% 6.51%
 

85%

 

 

5 year fixed

 

4.88% 4.47% 6.07%
 

75%

 

 

2 year fixed

5.05% 4.63% 6.29%
 

75%

 

 

5 year fixed

 

4.69% 4.14% 5.85%
 

60%

 

 

2 year fixed

 

4.55% 4.39% 6.21%
 

60%

 

 

5 year fixed

4.14% 3.95% 5.67%

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 £1,119 per month if repaying over 25 years, compared with £1,243 per month a year ago (when the average first-time buyer property asking price was £225,552).

Rightmove

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

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