The latest Rightmove rates data show that the average five-year fixed mortgage rate is 5.11 per cent, down from 5.36 per cent a year ago.
The average two-year fixed mortgage rate stands at 5.52 per cent, a decrease from 5.61 per cent a year ago.
At 60 per cent LTV, the average two-year fixed rate is priced at 4.9 per cent, with the lowest rate coming to 4.75 per cent.
The average five-year fixed rate is 4.51 per cent and the lowest rate is 4.36 per cent.
Mid LTV rates
Going up to 75 per cent LTV, the average two-year fixed rate is 5.36 per cent and the bottom-most rate is 4.78 per cent.
The average five-year fixed rate at the same LTV tier is 5.02 per cent and the cheapest rate is 4.46 per cent.
Within the 85 per cent LTV tier, the average two-year fixed rate is 5.66 per cent and the lowest rate is 5.15 per cent.
The average five-year fixed rate at 85 per cent LTV is pegged at 5.2 per cent and the bottom-most rate is 4.71 per cent.
Rates at higher LTVs
Going up to higher LTV tiers, the average two and five-year fixed rate at 90 per cent LTV is 5.66 per cent and 5.26 per cent respectively and at 95 per cent LTV the average prices ae 5.95 per cent and 5.5 per cent.
The lowest two and five-year fixed rate at 90 per cent LTV is 5.39 per cent and 4.85 per cent, and at 95 per cent LTV the cheapest two-year fixed rate is 5.85 per cent and the bottom-most five-year fixed rate is 5.3 per cent.
The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85 per cent LTV mortgage, is £1,132 per month, down from £1,153 per month a year ago.
Earlier this week, Rightmove predicted that buyers would return to the market in 2024 and house prices would fall by 1 per cent.
