Average mortgage rates lower than a year ago, despite some rises

Most average mortgage rates remain lower than 12 months ago, said Rightmove.

This is despite the fact that there have been a slew of rate rises from lenders over the last few weeks.

According to Rightmove, the average five-year fixed mortgage rate is now 4.66%, down from 5.33% a year ago.

The average two-year fixed mortgage rate is now 4.92%, down from 5.76% a year ago.

For borrowers with a modest 15% deposit, the average 85% LTV five-year fixed mortgage rate is now 4.69%, down from 5.40% a year ago.

The average monthly mortgage payment on a typical first-time buyer type property when taking out this rate is now £1,093 per month, down from £1,159 per month a year ago, said Rightmove.

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Those with large 40% deposits will find that the average 60% LTV five-year fixed mortgage rate is now 4.05%, down from 4.91% a year ago.