The Rightmove weekly mortgage rate tracker indicated a marginal weekly increase in average rates, with the two-year fix rising from 5.19 per cent last week to 5.22 per cent today and the five-year fix jumping from 4.82 per cent to 4.84 per cent.
The three and two basis point changes were milder than the 0.7 per cent increase in average two-year fixed rates and the 0.8 per cent rise in average five-year fixed rates in the week ending 28 February.
Average rates are also higher than a year ago, when the average two-year fix was 4.99 per cent and the average five-year fix was 4.61 per cent.
LTV breakdown
As of 13 March, the average two-year fixed rate was 4.68 per cent, while the average five-year fixed rate was 4.37 per cent for a 60 per cent loan to value (LTV) mortgage. Currently, the lowest rates available at this tier are 4.13 per cent for a five-year fix and 4.46 per cent for a two-year fix, Rightmove’s analysis suggested.
At 75 per cent LTV, the average two-year fixed rate came to 5.06 per cent, and for a five-year fix, it was 4.73 per cent. The lowest available rates were 4.77 per cent and 4.38 per cent respectively.
For a two-year fix at 85 per cent LTV, the average rate was 5.21 per cent, and for a five-year fix, this came to 4.78 per cent. At this tier, the lowest rates available came to 4.86 per cent and 4.38 per cent respectively.
The average rates rose to 5.44 per cent for a two-year fix at 90 per cent LTV and 4.98 per cent for a five-year fix. For a two-year fix, the lowest available rate at 95 per cent LTV was 5.13 per cent or 4.64 per cent for a five-year fix.
At 95 per cent LTV, the average two-year fixed rate was 5.9 per cent, while the average five-year fixed rate was 5.47 per cent. The lowest rates at this tier were 5.39 per cent and 5.09 per cent respectively.
Rightmove’s data showed that for a first-time buyer purchasing a home worth £224,815 and taking out a five-year fix at 85 per cent LTV, the average monthly mortgage payment would be £1,093 over 25 years. This was up from £1,069 a year ago, and slightly higher than £1,089 last week.
