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Average mortgage rates stay stable in week after election announcement – Rightmove

Anna Sagar
Written By:
Posted:
May 30, 2024
Updated:
May 30, 2024

Average mortgage rates have stayed stable week-on-week, with average two-year fixed rates showing a slight fall, Rightmove’s figures have shown.

According to the latest figures from Rightmove, the average two-year fixed mortgage rate is priced at 5.41%, a rise from 4.97% a year ago, while the average five-year fixed mortgage rate is 5.04%, up from 4.63% a year ago.

Rightmove’s figures last week showed that the average two- and five-year fixed rate last week stood at 5.44% and 5.05%.

Last week, Prime Minister Rishi Sunak confirmed that a general election will take place on 4 July.

At 60% loan to value (LTV), Rightmove says the average two-year fixed rate is 4.88%, with the lowest rate standing at 4.75%. This compares to an average rate of 4.73%.

The average five-year fixed rate at the same LTV is 4.48% and the cheapest rate is 4.34%. The average rate this time last year was 4.38%.

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Going up to 75% LTV, according to Rightmove, the average two-year fixed rate is 5.25% and the bottom-most rate is 4.79%. The average rate in the same period last year was 4.78%.

The average five-year fixed rate is priced at 4.95%, with the lowest rate coming to 4.44%. This compares to an average rate of 4.43% last year.

Within the 85% LTV tier, Rightmove found that the average two-year fixed rate is 5.4% and the cheapest rate is 4.99%. The average rate last year was pegged at 4.91%.

A five-year fixed rate at 85% LTV on average is priced at 5.01%, and the lowest rate is 4.59%. The average rate in the same period in 2023 was 4.55%.

In higher-LTV tiers, Rightmove figures show that the average two- and five-year fixed rate at 90% LTV come to 5.6% and 5.17%. The cheapest rates are 5.19% and 4.71% respectively.

The average 90% LTV two- and five-year fixed rates a year ago were 5.09% and 4.76%.

Within 95% LTV, the average two- and five-year fixed rates come to 6.1% and 5.69% apiece, and the bottom-most rates are 5.52% and 5.27% respectively. This is a rise from 5.74% for an average two-year fixed rate and 5.27% for an average five-year fixed rate.

The average monthly mortgage payment on a typical first-time buyer type of property when taking out an average five-year fixed 85% LTV mortgage is now £1,134 per month, up from £1,083 per month a year ago, according to Rightmove.