Rightmove’s weekly mortgage tracker

Please see below the latest mortgage rate information from Rightmove and comment from our mortgage expert, Matt Smith.

Matt Smith, Rightmove’s mortgage expert said: “Next week’s Bank of England meeting will be quite key for setting the tone for mortgage rates leading into summer. An uneasy few weeks for the world economy has meant that there is still a lot of uncertainty around when we might see the first interest rate cut – and both have contributed to an uptick in average mortgage rates. Despite the rises, it doesn’t appear that we’re seeing the same kind of spike in rates as we did at this time last year. Whilst rates have risen, the actual monetary impact on average monthly payments is quite limited so far, which is reflected in home-mover activity, which we’ve seen continue on its same positive trajectory, in a busy spring market so far.”

Headlines

• The average 5-year fixed mortgage rate is now 4.97%, up from 4.48% a year ago
• The average 2-year fixed mortgage rate is now 5.38%, up from 4.78% a year ago
• The average 85% LTV 5-year fixed mortgage rate is now 4.90%, up from 4.44% a year ago
• The average 60% LTV 5-year fixed mortgage rate is now 4.50%, up from 4.17% 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 £1,117 per month, up from £1,056 per month a year ago

Latest rates data

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 £227,110, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,117 per month if repaying over 25 years, compared with £1,056 per month a year ago.

Average mortgage rates to be credited to Rightmove. The data is provided by specialist mortgage technology provider Podium Solutions. The data covers 95% of mortgage lending, to exclude specialist lenders. All rates are based on products with a circa £999 fee. If you would like further data on different LTVs or fixed terms, please contact us.