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Average mortgage rates hold steady

Average mortgage rates hold steady
Shekina Tuahene
Written By:
Shekina Tuahene
Posted:
27/03/2024
Updated:
10/04/2024

Average mortgage rates have barely moved since last week, data from a property listing firm showed.

The Rightmove weekly mortgage tracker revealed few changes across various loan-to-value (LTV) tiers.

The average two-year fixed rate came to 5.23% as of 27 March, while the average five-year fixed rate was 4.84%. This was unchanged from last week.

Compared to last year, average mortgage rates are still higher than the averages of 4.92% and 4.59% during the same week in 2022.

At 60% LTV, the average two-year fixed rate was recorded at 4.69%, and the average five-year fixed rate was 4.35%. This represented no change in the average two-year fixed rate and a small decline on last week’s five-year fixed rate average of 4.37%.

The average two-year fixed rate at 75% LTV was 5.05%, down from 5.06% last week, while the average five-year fixed rates dropped from 4.74% to 4.72%.

At 85% LTV, average mortgage rates stayed the same at 5.22% for a two-year fix and 4.79% for a five-year fix.

At 90% LTV, the average two-year fix was unchanged at 5.46%, and the average five-year fix fell slightly from 4.99% to 4.98%.

At 95% LTV, the average two-year fixed rate stayed the same at 5.91%, and the average five-year fix dipped from 5.48% to 5.47%.

The average monthly mortgage payment for a first-time buyer was also the same this week.

Stable first-time buyer payments

Based on a property worth £226,370 with a five-year fix at 85% LTV, this came to £1,101 per month over a 25-year mortgage term.

This was slightly higher than the average of £1,071 per month a year ago.

Related: Mortgage choice improves as fixed rate mortgage costs rise