That’s according to Rightmove, which said average rates for two-year and five-year fixed-rate mortgages have both increased marginally in the last week.
The average two-year fixed rate is up by 0.01 percentage point over the last week to reach 5.09%. However this is still down by 0.46 percentage points over the last year.
The lowest two-year fixed rate is 4.22%.
It’s a similar picture with five-year fixed rates, which have ticked up by 0.01 percentage point to 4.86% in the last week. However they are still down 0.27 percentage points in the last year, said Rightmove.
The lowest five-year fixed rate is currently 4.14%.
Low-deposit mortgages
The property portal noted that costs are still down annually for typical first-time buyers.
It said the current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was £223,426).
Borrowers with s small 5% deposit have seen no change in two-year fixed rates over the past week. A mortgage up to 95% of the property’s value is still 5.65%, down 0.30 percentage points year-on-year.
