Rightmove’s mortgage tracker shows that the current average two-year fixed mortgage rate is currently level with the average five-year fixed mortgage rate.
- Both the average two-year fixed rate, and five-year fixed rate are currently 4.52%
- Prior to July 2025, the last time this was the case was in September 2022 before the mini-Budget
- The current two-year fixed mortgage rate average of 4.52% compares to a rate of 5.25% this time last year
- Based on the average asking price of a home, this equates to a monthly mortgage payment of £1,518, compared to £1,650 last year – a saving of £132 per month*
- The cheapest available mortgage rate is a two-year fixed, 60% LTV mortgage at 3.69%. The cheapest rate has been a two-year fixed rate since April
*based on repaying the mortgage over 30 years, and beginning with a 20% deposit
The latest snapshot of daily mortgage rates from Rightmove is below.
Matt Smith, Rightmove’s mortgage expert says: “Over the last week, average mortgage rates have remained pretty flat in the build up to next week’s interest rate decision. Expectations are currently set on a cut next week, and I expect lenders will use this moment as an opportunity to reduce mortgage rates a little further. Rate drops have been very slow and steady this year, but someone looking to take out a mortgage right now is likely to see a notable reduction in the rate they’d have been offered this time last year, particularly someone looking to fix for two years. With average two-year and average five-year fixed currently level, it would appear to only be a matter of time before the typical two-year rate is cheaper than the five-year equivalent.”
Average rates for 2-year and 5-year fixed-rate mortgages
| Term | Average rate | Weekly change | Yearly change |
| 2-year fixed | 4.52% | -0.01% | -0.74% |
| 5-year fixed | 4.52% | +0.00% | -0.35% |
Lowest rates for 2-year and 5-year fixed-rate mortgages
| Term | Lowest rate | Weekly change | Yearly change |
| 2-year fixed | 3.69% | +0.00% | -0.70% |
| 5-year fixed | 3.84% | +0.03% | -0.19% |
Average fixed-term mortgage rates for home-buyers with 5-10% deposits
| Loan to Value (LTV) | Term | Avg rate 23 Jul 2025 |
Avg rate 30 Jul 2025 |
Weekly Change | Yearly Change |
| 95% | 2-year-fixed | 5.19% | 5.19% | +0.00% | -0.77% |
| 95% | 5-year-fixed | 5.13% | 5.13% | +0.00% | -0.35% |
| 90% | 2-year-fixed | 4.75% | 4.73% | -0.02% | -0.85% |
| 90% | 5-year-fixed | 4.68% | 4.67% | -0.01% | -0.45% |
Average fixed-term mortgage rates for home-buyers with 15-25% deposits
| Loan to Value (LTV) | Term | Avg rate 23 Jul 2025 |
Avg rate 30 Jul 2025 |
Weekly Change | Yearly Change |
| 85% | 2-year-fixed | 4.43% | 4.41% | -0.02% | -0.86% |
| 85% | 5-year-fixed | 4.41% | 4.41% | +0.00% | -0.50% |
| 75% | 2-year-fixed | 4.32% | 4.31% | -0.01% | -0.77% |
| 75% | 5-year-fixed | 4.36% | 4.36% | +0.00% | -0.37% |
Average fixed-term mortgage rates for home-buyers with 40% deposits
| Loan to Value (LTV) | Term | Avg rate 23 Jul 2025 |
Avg rate 30 Jul 2025 |
Weekly Change | Yearly Change |
| 60% | 2-year-fixed | 3.83% | 3.90% | +0.07% | -0.69% |
| 60% | 5-year-fixed | 3.94% | 4.03% | +0.09% | -0.16% |
These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee.
