Rightmove’s weekly mortgage tracker + reaction to rate cuts
Matt Smith, Rightmove’s mortgage expert said: “Mortgage rates this week have slightly reduced compared to last week, as lenders are starting to respond to recent positive news about the UK economy and the prospect of the first base rate reduction later in the summer. As we’ve seen some high-profile rate cuts from high street lenders this week, with others likely to follow suit, we expect average rates to reduce further over the next couple of weeks. This will be welcomed news for home-buyers and timed well for any post-election bounce in activity.”
Headlines
- The average 5-year fixed mortgage rate is now 5.02%, down from 5.57 % a year ago
- The average 2-year fixed mortgage rate is now 5.42%, down from 5.99% a year ago
- The average 85% LTV 5-year fixed mortgage rate is now 5.01%, down from 5.58% a year ago
- The average 60% LTV 5-year fixed mortgage rate is now 4.42%, down from 5.35% 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 £1,133 per month, down from £1,191 per month a year ago
Latest rates data
| LTV
(loan to value) |
Term
|
Average rate 26th June 2024 | Lowest rate 26th June 2024 | Average rate
a year ago |
|
95%
|
2 year fixed | 6.12% | 5.52% | 6.52% |
|
95%
|
5 year fixed | 5.74% | 5.15% | 5.92% |
|
90%
|
2 year fixed | 5.68% | 5.19% | 6.14% |
|
90%
|
5 year fixed | 5.19% | 4.71% | 5.72% |
|
LTV (loan to value) |
Term |
Average rate 26th June 2024 | Lowest rate 26th June 2024 | Average rate
a year ago |
|
85%
|
2 year fixed | 5.42% | 4.93% | 5.98% |
|
85%
|
5 year fixed
|
5.01% | 4.57% | 5.58% |
|
75%
|
2 year fixed |
5.25% | 4.74% | 5.83% |
|
75%
|
5 year fixed
|
4.88% | 4.38% | 5.44% |
|
60%
|
2 year fixed
|
4.84% | 4.67% | 5.75% |
|
60%
|
5 year fixed |
4.42% | 4.23% | 5.35% |
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 £227,757, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,133 per month if repaying over 25 years, compared with £1,191 per month a year ago (when the average first-time buyer property asking price was £226,412).
You May Also Enjoy
Inheritance Tax Receipts raise £0.8 billion in one month
Zoopla research reveals homeownership outranks marriage as top priority for UK adults
London rental market rebalances amid rising supply
Rightmove’s Weekly Mortgage Tracker
Streamlining Property Documentation for Fast Transactions
