Rightmove’s weekly mortgage tracker

Please find below the latest average mortgage rates from Rightmove and commentary from Rightmove’s mortgage expert Matt Smith.

Rightmove’s mortgage expert Matt Smith says: “As expected we’ve seen another significant increase in average rates across all Loan-To-Value ranges. The jump in average rates is actually smaller than last week, however lender behaviour and the uncertainty surrounding the market at the moment suggests they will increase again, the extent of which hangs on the outcome of the upcoming inflation figures and the Bank of England’s announcement on 22nd June.

“Looking forward, while we expect lenders to increase rates again it’s clear that they are grappling with the pressure to both remain competitive, but also not be an outlier. For those looking to take out a mortgage right now, it is likely to feel very frantic to secure the best rate possible quickly, and next week’s news has a lot of bearing on whether this period of uncertainty is set to continue for longer, or whether some stability may slowly come back to the market.”

The top table tracks 85% and 60% LTV for a 5 year fixed-rate mortgage so you can quickly see the trend at a glance. Further LTVs for 2 and 5 year fixed rates are in the tables that follow. All rates are based on products with a circa £999 fee. Rightmove can now provide mortgage rates across all LTVs for 95% of the mortgage market to exclude specialist lending.

• The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 85% LTV mortgage is now £1,148, up by £20 per month compared to last week
• The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 60% LTV mortgage is now £786, up by £17 per month compared to last week

*The average asking price for a first-time buyer type property (2 bedrooms and fewer properties) is now £226,399

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.