The latest figures from Rightmove reveal that the average two-year fixed rate comes to 4.87%, with the average five-year fixed rate coming to 4.72%. This is a drop of 0.01% week-on-week.
The average two-year fixed rate is a 0.36% fall on last year, while the average five-year fixed rate is a decrease of 0.11%.
The lowest rates for two- and five-year fixed rates are 3.86% and 3.96%, which are the same compared to last week but down 0.6% and 0.17% respectively compared to last year.
At 60% LTV, the average two-year fixed rate is 4.24% and the average five-year fixed rate is 4.21%, roughly stable on last week. The former is a drop of 0.44% and the latter is a 0.13% decrease on last year.
Going up to 75% LTV, the average two-year fixed rate is 4.62% and the average five-year fixed rate is 4.53%. This is in line with figures from last week but an annual decrease of 0.43% and 0.18% respectively.
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At 85% LTV, the average two-year fixed rate is 4.83% and the average five-year fixed rate is 4.7%. This is a decrease of 0.03% and 0.02% week-on-week and a fall of 0.39% and 0.09% year-on-year.
Within the 90% LTV tier, the average two-year fixed rate is 5.17% and the average five-year fixed rate is 4.91%. This is stable week-on-week but a year-on-year change of 0.29% and 0.07%.
Going up to 95% LTV, the average two-year fixed rate is priced at 5.66% and the average five-year fixed rate is 5.35%. This is in line with last week but a drop of 0.25% and 0.12% compared to last year.
Matt Smith, Rightmove’s mortgage expert, said: “As stamp duty deadline day arrives, average mortgage rates have remained steady since last week’s Spring Budget and unexpected drop in inflation rate.
“The lowest available mortgage rate is still a two-year fixed deal at 3.86%, for those with the largest deposits, as the short-term outlook for rates remains much improved compared with last year. However, the markets are currently less certain about a second bank rate cut of the year in May, which may get pushed to June. Once a cut does happen, it could help to push forward further mortgage rate cuts from lenders.”
