Average two- and five-year fixed rates remain higher than those from a year ago, figures have shown.
According to the latest figures from Rightmove, the average five-year fixed mortgage rate is now 4.84%, up from 4.45% a year ago, while the average two-year fixed mortgage rate is priced at 5.23%, a rise from 4.77% the same time last year.
At 60% loan to value (LTV), the average two- and five-year fixed rate came to 4.67% and 4.29% respectively, with the lowest rates pegged at 4.46% and 4.13%, which is also the same pricing as a year ago.
Going up to 75% LTV, the average two-year fixed rate is priced at 5.04%, with the average five-year fixed rate coming to 4.69%. The lowest pricing for a two-year fixed rate stood at 4.59%, and 4.36% for a five-year fixed rate.
This time last year, the average two-year fixed rate at 75% LTV was 4.56%, and 4.25% for a five-year fixed rate.
At 85% LTV, the average two-year fixed rate is 5.21% and the average five-year fixed rate is 4.77%. The lowest rates were 4.86% for a two-year fixed rate and 4.38% for a five-year fixed rate.
It compares to an average two-year fixed rate of 4.83%, and 4.46% for a five-year fixed rate.
Within the higher LTV tiers, the average two-year fixed rate at 90% and 95% LTV came to 5.5% and 5.98% respectively, with the average five-year fixed rates priced at 5.03% and 5.52%.
The lowest rates for two-year fixed rates at 90% and 95% LTV were 5.13% and 5.47%, with the lowest prices for five-year fixed rates pegged at 4.64% and 5.09%.
The average monthly mortgage payment on a typical first-time buyer-type property when taking out an average five-year fixed 85% LTV mortgage is now £1,099 per month, up from £1,056 per month a year ago.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
