Rightmove’s weekly mortgage tracker 7th August 2024

August 7, 2024
Love or Hate Rightmove

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.

You May Also Enjoy

Breaking News

The UK cities with the largest property price increases revealed

A new study has unveiled the most challenging UK cities for first-time buyers. Newry leads Northern Ireland’s ranking, with a property price increase of 12.8%, while Hull leads Great Britain’s ranking, recording an increase of 6.6%. The research examined data from HM Land Registry to reveal the cities that have faced the highest property price…
Read More →
Breaking News

The UK’s Most Expensive Property Hotspots Revealed

More than one in three homes sold in Camden last year fetched at least £1 million, making it the UK’s leading million-pound property hotspot in a new study of England and Wales. But despite London’s dominance at the top of the rankings, the research reveals a surprising trend: median sale prices in several expensive London…
Read More →
Breaking News

Lloyds House Price Index – October 2026

House prices in October 2026 were 1.2% lower compared to the same month a year earlier. House prices fall in October as market remains subdued • House prices fell by -0.6% in October, following a -0. 1% decrease in September • The average property price is now £29 6 ,285 , compared to £29 8…
Read More →
Breaking News

Britain’s most affordable towns revealed

Britain’s most affordable towns revealed, where homes cost less than two years worth of household earnings   Zoopla reveals 36 British towns where a typical home is worth less than twice the combined annual earnings of two local full-time workers Across Great Britain, a typical home costs 4.3 times annual household earnings, compared with just…
Read More →
bank of england interest rate
Breaking News

Bank of England raises rates to 4%

The Bank has raised interest rates by 0.25 percentage points to 4%. Policymakers were unanimous in their decision. Here is the reaction from the industry. Nathan Emerson, CEO at Propertymark, comments: “As the Bank of England continues to navigate wider economic pressures, including rising inflation, it comes as little surprise that base rate decisions remain…
Read More →
Breaking News

Breaking Property News 5/11/26

Daily bite-sized proptech and property news in partnership with Proptech-X. The Greatest Return on AI May Not Be the Work It Eliminates, but the Human Potential It Releases Time to look at artificial intelligence as a growth engine that upgrades humans working life Thought Leadership By Author Andrew Stanton CEO Proptech-PR For decades, businesses have…
Read More →