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: “Average rates continue to rise this week, and though they are now rising at a slower pace than last week, this is likely to come as little respite for those looking to take out a mortgage right now. Those who managed to secure a lower rate just weeks ago are likely to be doing all they can to accelerate their home purchase and use this lower rate in time.” 

 “Some buyers who can, may choose to wait and see what effect this week’s inflation news has on the mortgage market. This is likely to be more influential than the Base Rate decision in determining the direction of mortgage rates in the immediate term. The mortgage market has already factored in a Base Rate rise of up to 0.5%, so any increase on Thursday is unlikely to have a negative impact on mortgage rates. 

 “The number of people contacting estate agents about a home for sale is still higher than at this time in the last more normal housing market of 2019, meaning that right now, the data indicates that higher rates are not stopping many people from planning their move.”

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 £1,160, up by £12 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 £798, up by £12 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.