News
Average mortgage rates drop modestly week-on-week – Rightmove
There have been small changes to average mortgage rates since last week, but the reductions in pricing continued, data from a property listing firm showed.
The Rightmove weekly mortgage tracker revealed that the average two-year fixed rate came to 5.35% on 11 July, down from an average of 5.37% last week. The average five-year fixed mortgage rate also fell marginally from 4.99% to 4.97%.
Both averages were lower than rates seen a year ago, when the average two-year fix was 6.42% and the average five-year fixed rate was 5.91%.
Mortgage rate changes at LTV tiers
As of 11 July, Rightmove’s data found the average two-year fixed mortgage rate for a 60% loan to value (LTV) deal was 4.78%, while the five-year fixed rate came to 4.35%.
This compared to averages of 4.82% and 4.39% last week respectively. A year ago, the average rates came to 6.24% and 5.78%.
Friend or foe? The role of AI in mortgage administration
Sponsored by Pepper Money
At 75% LTV, the average two-year fixed rate fell from 5.22% to 5.18% week-on-week, while the average five-year fixed rate dropped from 4.86% to 4.82%.
This time last year, the averages were 6.24% for a two-year fix and 5.73% for a five-year fix.
The average two-year fixed rate at 85% LTV sat at 5.36% on 11 July, down from 5.38% last week, while the average five-year fixed mortgage rate was 4.97% compared to 4.99%.
Both averages were lower than the respective rates of 6.4% and 5.9% last year.
At 90% LTV, the average two-year fixed rate declined from 5.65% to 5.63% over the week, while the average five-year fixed rate dropped from 5.16% to 5.14%. Last year, the averages were 6.51% and 5.99% respectively.
The average two-year fixed rate for a deal at 95% LTV was 6.12% and the average five-year fixed rate was 5.67%. The average five-year fixed mortgage rate was flat on last week, while the average two-year fixed rate had fallen from 6.11%.
These were down from the respective average rates of 6.93% and 6.23% a year ago.
Rightmove calculated that the typical monthly mortgage payment on a first-time buyer property worth £227,757 with a five-year fix at 85% LTV over a 25-year term would be £1,128, down from £1,228 a year ago.