Rightmove’s weekly mortgage tracker 7th August 2024
August 7, 2024
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).
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