Rightmove’s weekly mortgage tracker found that the average two-year fixed rate was 5.15 per cent as of 28 February, compared to 5.08 per cent last week. Over the same period, the average five-year fixed rate increased from 4.72 per cent to 4.8 per cent.
Mortgage rates were also higher compared to last year, when they came to 4.92 per cent for an average two-year fixed rate and 4.59 per cent for an average five-year fixed rate.
At 60 per cent loan to value (LTV), the average two-year fixed rate was 4.62 per cent, and the average five-year fix was 4.3 per cent. This was compared to respective average mortgage rates of 4.5 per cent and 4.19 per cent a week ago.
The average two-year fixed rate for a 75 per cent LTV mortgage was 4.99 per cent as of today, compared to 4.9 per cent last week. For a five-year fix at the same tier, the average was 4.7 per cent, up from 4.61 per cent a week ago.
For an 85 per cent LTV product, the average two-year fixed rate came to 4.73 per cent, up from 4.67 per cent, while the average five-year fixed rate rose from 5.08 per cent to 5.14 per cent this week.
At 90 per cent LTV, the average two-year fixed rate went up from 5.31 per cent a week ago to 5.38 per cent as of 28 February. The average five-year fixed rate rose from 5.31 per cent to 5.38 per cent.
There was less movement at the 95 per cent LTV tier, as the average two-year fixed rate was unchanged at 5.79 per cent, while the average five-year fixed rate saw a small increase from 5.35 per cent to 5.38 per cent.
Little change to first-time buyer payments
Rightmove calculated that the average monthly payment for a first-time buyer taking a five-year fixed mortgage at 85 per cent LTV would be £1,087, just £6 more than last week.
It is also a small difference from the average of £1,070 a year ago.
