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Mortgage rates ‘largely unchanged’ in better news for homemovers – Rightmove

  • 23/05/2023
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Mortgage rates ‘largely unchanged’ in better news for homemovers – Rightmove
Pricing for mortgages has remained broadly static this week, with some minor increases at certain LTV tiers, but overall signaling greater market stability, said the property firm.

According to the latest Rightmove statistics, rates are either static or increased slightly by 0.01 per cent.

At 60 per cent LTV, the average two-year fixed rate went up by 0.01 per cent to 4.64 per cent, and the average five-year fixed rate rose by the same amount to 4.28 per cent.

The average two-year fixed rate at 75 per cent LTV rose from 4.73 per cent to 4.74 per cent and its two-year fixed rate at 90 per cent LTV has gone up by 5.12 per cent to 5.13 per cent.

The report, which looks at average mortgage rates for two and five-year fixed rates between 60 and 95 per cent LTV, showed that all other rates at other LTV tiers stayed the same.

Rightmove’s mortgage expert Matt Smith said that mortgage rates this week were “largely unchanged”, which was “some good news for homemovers who are planning their next steps”.

He explained: “The stability we are starting to see from week-to-week is reassuring for movers, helping them to understand how much they are likely to pay each month on a mortgage.

“Looking a bit deeper, we have seen the last remaining sub-four per cent rates removed by lenders, reflecting increases in swap rates over the last few weeks. The cheapest rates available are now 4.06 per cent, at both 60 and 75 per cent LTV.”

“We may see more activity from lenders in the coming weeks, after the latest inflation figures are published. If inflation falls by more than the markets are predicting, this could be positive news for mortgage rates, though if inflation remains higher than forecast, we could see further pressure on lenders to increase rates.”

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