Rightmove’s weekly mortgage tracker and comment on inflation and rates – 15/11/23

November 15, 2023
Love or Hate Rightmove

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.

Rightmove

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

You May Also Enjoy

Breaking News

Private rent and house prices, UK: December 2025

Main Points Average UK monthly private rents increased by 4.4%, to £1,366, in the 12 months to November 2025 (provisional estimate); this annual growth rate is down from 5.0% in the 12 months to October 2025. Average rents increased to £1,422 (4.4%) in England, £820 (6.1%) in Wales, and £1,012 (3.3%) in Scotland, in the…
Read More →
Breaking News

Breaking Property News 17/12/25

Daily bite-sized proptech and property news in partnership with Proptech-X. How to get Proptechs from MVP to EXIT Reporter Zara S. Proptech has spent years trying to prove its relevance to the property industry. New platforms appear daily, capital flows in cycles, and “disruption” is promised more often than it is delivered. What is far less…
Read More →
Estate Agent Talk

Why Real Estate Pros Should Care About the RoHS Directive in Smart Home Tech

Some of the tasks that real estate pros perform nowadays include negotiating and posting, and checking houses on property listings. You also have to deal with buyers who expect “smart-everything,” landlords who want long-term reliability, and tenants who care about safety and sustainability. In the middle of these expectations, there’s rohs directive. Why should you…
Read More →
Breaking News

A fifth of ‘second-steppers’ received financial help from friends or family to buy their home

 ‘Second-steppers’ who had financial help received £81k on average towards purchasing their home Three in 10 second or third-time owners who received financial help for their current property, say they also received support for a previous home Barclays data shows spending on rent and mortgages rose by 3.5 per cent year-on-year in November, the smallest…
Read More →
Breaking News

NPPF review is a chance to fix planning, build homes, restore wildlife and help SMEs

The latest National Planning Policy Framework (NPPF) unveils an ambitious package of reforms designed to speed up the planning process and make smaller sites more viable. This includes trimming environmental regulations and cutting Building Safety Levy on smaller sites, as well as providing more funding to local authorities to process planning applications faster, whilst taking…
Read More →
Letting Agent Talk

Five key tax mistakes made by landlords

By Allison Thompson, National Lettings Managing Director, Leaders Landlord tax is a hugely complicated area, so if you are investing in buy-to-let or renting out any property you own, it’s well worth consulting a specialist property tax adviser. They can help ensure you: a. Own, let, take income and realise gains from your investment in…
Read More →