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Average mortgage rates continue to slide

Average mortgage rates continue to slide
Nick Cheek
Written By:
Nick Cheek
Posted:
07/02/2024
Updated:
07/02/2024

Average mortgage rates across all loan to value (LTV) tiers have continued their downward trend, a report has found.

According to Rightmove, the average five-year fixed mortgage rate is now 4.64 per cent, down from 4.77 per cent a year ago.

The average two-year fixed mortgage rate stands at 4.97 per cent, a decrease from 5.10 per cent a year ago.

At 60 per cent LTV, the average two-year fixed rate is 4.41 per cent, with the lowest rate at 4.17 per cent. This is down from an average rate of 4.73 per cent a year ago.

Its average five-year fixed rate is 4.1 per cent, and the bottom-most rate is 3.88 per cent. The average five-year fixed rate a year ago is 4.41 per cent.

Going up to 75 per cent LTV, the average two-year fixed rate is 4.8 per cent and the lowest rate is 4.36 per cent. The average rate a year ago was 4.89 per cent.

The average five-year fixed rate at the same LTV tier is 4.55 per cent, and the cheapest rate is 4.11 per cent. The average rate a year ago stood at 4.55 per cent.

At 85 per cent LTV, the average two-year fixed rate is 4.96 per cent and the lowest rate is 4.57 per cent. This is down from 5.12 per cent a year ago.

The average five-year fixed rate at 85 per cent LTV is 4.58 per cent and the bottom-most rate is 4.13 per cent. The average rate last year at this LTV tier was 4.79 per cent.

Within the 90 per cent LTV tier, the average two-year fixed rate is 5.19 per cent, and the cheapest rate is 4.84 per cent. The average rate a year ago was 5.51 per cent.

The average five-year fixed rate is 4.74 per cent and the cheapest rate is 4.39 per cent. The average rate a year ago was pegged at 5.02 per cent.

Going up to 95 per cent LTV, the average two-year fixed rate is 5.59 per cent, the bottom-most rate is 5.15 per cent. The average rate last year was 5.64 per cent.

The average five-year fixed rate at the same LTV is 5.25 per cent and the lowest rate is 4.84 per cent. The average rate a year ago stood at 5.28 per cent.