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: “Rates continue to rise this week as the market adjusts to two sets of disappointing inflation numbers. The Bank’s message that it still expects inflation to ease significantly in the second half of the year is reflected in the difference between 2-year and 5-year fixed deal increases this week, with the former seeing the larger average increase. 

“Further increases will come as disappointing news to those looking to take out a mortgage soon, who will be wanting stability to be able to plan for what they can afford. However, after weeks of significant increases we’ve seen swap rates, the underlying costs of mortgages lenders, remain relatively stable since last week’s Base Rate announcement. So, while we may still see some further increases in the short term as this market adjustment continues, we’d expect the pace of change to slow down – particularly for five-year fixed rate products – and hopefully that desired period of stability arrives in the medium term.”

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 £1,182, up by £22 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 £815 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 £226,412

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.