Thu 24 Aug 2023
The portal’s latest mortgage tracker found average mortgage rates have fallen slightly over the past week, making it cheaper for buyers to borrow.
The average five-year fixed mortgage rate across all loan-to-values (LTVs) is now 5.79%, up from 3.89% a year ago, down from 5.86% last week, Rightmove said.
Meanwhile, the average two-year fixed mortgage rate is now 6.40%, up from 3.77% a year ago, down from 6.46% last week.
Rightmove said the average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,204 per month, up from £992 per month a year ago but down from £1,226 last week.
Rightmove’s mortgage expert Matt Smith said: “The positive direction for rates continues this week albeit a little more slowly, with five-year rates edging down slightly more than two-year equivalent products. Swap rates are broadly flat week-on-week in response to a range of economic indicators published last week, but we should get more sense of any impact in the coming days.
“We are likely to see a continued period of stability for home-movers at least for now, and while the market remains sensitive to any surprises, it appears that lenders will continue to price competitively where they can.”