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Average mortgage rates hold steady week-on-week – Rightmove

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  • 15/05/2024
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Average mortgage rates hold steady week-on-week – Rightmove
There was little movement in average mortgage rates since last week, data from a property listing firm showed.

The Rightmove weekly mortgage tracker showed that the average five-year fixed mortgage rate was flat on the previous week at 5.02%, while the average two-year fixed mortgage rate rose marginally from 5.41% to 5.42%. 

Last week, Rightmove revealed that the average five-year fixed rate had breached 5% for the first time since January.

Compared to last year, pricing was higher than the averages of 4.59% and 4.92% respectively. 

At 60% loan to value (LTV), the average two-year fixed rate was 4.9%, slightly down from last week’s 4.61%. Meanwhile, the average five-year fixed rate rose from 4.52% to 4.53%. 

As of 15 May, the lowest rates available at this tier were 4.75% for a two-year fix and 4.34% for a five-year fix. 

The average two-year fixed rate at 75% LTV was unchanged at 5.26% as of today, while the average five-year fixed rate was 4.89%, slightly down from last week’s 4.9%. 

According to Rightmove’s figures, the lowest available rates at 75% LTV were 4.83% and 4.54% respectively. 

At 85% LTV, the average two-year fixed rate increased from 5.38% last week to 5.39% this week. The average five-year fixed rate went up from 4.93% to 4.95%. 

The lowest available rates at this level were 4.99% for a two-year fix and 4.93% for a five-year fix, as of 15 May. 

The average two-year fixed rate at 90% LTV was 5.67%, higher than the previous week’s 5.65%, and the average five-year fixed rate came to 5.2%, which was up on 5.17% last week. 

The lowest available rate for a two-year fix at 90% LTV was 5.22% and 4.71% for a five-year fix, the Rightmove data showed. 

The average two-year fixed rate was 6.1% at 95% LTV, while the average five-year fixed rate was 5.7%. These were unchanged from last week. 

The cheapest rate available at 95% LTV was 5.52% for a two-year fix and 5.15% for a five-year fix. 

The average monthly mortgage payment on a first-time buyer-type property worth £227,110, for an average five-year fixed 85% LTV mortgage, came to £1,123 per month if repaying over 25 years. This compared with £1,069 per month a year ago. 

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