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%.
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.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
