Mortgage rates continue to drop for the 21st straight week

UK Mortgage

According to Rightmove, the average five-year fixed rate dropped from its peak of 6.11 per cent in July to 5.03 per cent, whilst the two-year fixed rate has dropped from 6.61 per cent to 5.44 per cent

Mortgage pricing has continued its decline for the 21st consecutive week, with lower inflation and a steady base rate having a positive impact on swap rates.

According to Rightmove, the average five-year fixed rate dropped from its peak of 6.11 per cent in July to 5.03 per cent, whilst the two-year fixed rate has dropped from 6.61 per cent to 5.44 per cent.

At 60 per cent LTV, the average two-year fixed rate is 4.83 per cent, with the lowest rate coming to 4.62 per cent, with the average five-year fixed rate coming to 4.44 per cent and the bottom-most rate at 4.23 per cent.

Within the 75 per cent loan to value tier, the average two-year fixed rate is 5.27 per cent and the average five-year fixed rate is 4.95 per cent. The cheapest two and five-year fixed rate is 4.7 per cent and 4.34 per respectively.

Going up to 85 per cent loan to value, the average two-year fixed rate is priced at 5.57 per cent and the average five-year fixed rate is 5.12 per cent. The lowest rates were 5.02 per cent for the two-year fixed rate and 4.52 per cent for the five-year fixed rate.

At 90 per cent loan to value, the average two-year fixed rate came to 5.7 per cent and the average five-year fixed rate is 5.18 per cent. The lowest rates were 5.29 per cent and 4.79 per cent apiece.

Within 95 per cent loan to value, the average two-year fixed rate is priced at 5.84 per cent and the average five-year fixed rate is 5.44 per cent. The lowest rates were 5.72 per cent for the two-year fixed rate and 5.24 per cent for the five-year fixed rate.

The average monthly mortgage payment on a typical FTB type property when taking out an average five-year fixed, 85 per cent loan to value mortgage, is now £1,106 per month, down from £1,134 per month a year back.

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