Rightmove’s weekly mortgage tracker and comment on inflation and rates – 15/11/23
Matt Smith, Rightmove’s mortgage expert said: “Lenders have accelerated mortgage rate reductions over the last week and this morning’s positive inflation news will only fuel confidence amongst lenders further that they can continue to drop rates over the final weeks of this year, barring any last minute surprises.
“With the markets anticipating that rates have peaked and will fall back next year, coupled with recent positive wage data, lenders could begin to review their affordability criteria. It has been a challenging year, with higher rates and the squeeze on affordability meaning that some movers have had to reassess their budgets and look at options such as extending mortgage terms or searching for cheaper properties. An easing of affordability criteria would be positive news for many movers looking to take out a mortgage and is a trend to watch heading into 2024.”
Headline stats
- The average 5-year fixed mortgage rate is now 5.30%, down from 5.75% a year ago
- The average 2-year fixed mortgage rate is now 5.74%, down from 6.01% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 5.35%, down from 5.72% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.78%, down from 5.40% 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 £1,149 per month, down from £1,193 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 14th November 2023 | Lowest rate 14th November 2023 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.20% | 5.99% | 6.27% |
|
95%
|
5 year fixed | 5.73% | 5.59% | 5.98% |
|
90%
|
2 year fixed | 5.91% | 5.60% | 6.27% |
|
90%
|
5 year fixed | 5.40% | 5.10% | 6.01% |
|
LTV (loan to value) |
Term |
Average rate 14th November 2023 | Lowest rate 14th November 2023 | Average rate
a year ago |
|
85%
|
2 year fixed |
5.87% |
5.49% |
6.02% |
|
85%
|
5 year fixed
|
5.35% |
4.93% |
5.72% |
|
75%
|
2 year fixed |
5.59% |
5.12% |
5.88% |
|
75%
|
5 year fixed
|
5.20% | 4.74% | 5.55% |
|
60%
|
2 year fixed
|
5.17% | 4.99% | 5.70% |
|
60%
|
5 year fixed |
4.78% | 4.64% | 5.40% |
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 £223,426, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,149 per month if repaying over 25 years, compared with £1,193 per month a year ago.
You May Also Enjoy
London rent affordability improves
February is the best time to get your home sold
Over 1.2m homes sold across the UK
Planning reform alone will not fix the UK’s housing crisis
One in three mortgage hunting FTBs has at least 25% deposit
