Rightmove has released its weekly mortgage tracker report.
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).
Latest rates data
Average rates for 2-year and 5-year fixed-rate mortgages
| Term | Average rate | Weekly change | Yearly change |
| 2-year fixed | 5.08% | +0.02% | -0.51% |
| 5-year fixed | 4.86% | +0.01% | -0.32% |
| Term | Lowest rate | Weekly change | Yearly change |
| 2-year fixed | 4.22% | +0.00% | -0.56% |
| 5-year fixed | 4.14% | +0.00% | -0.29% |
Average fixed-term mortgage rates for home-buyers with 5-10% deposits
| Loan to Value (LTV) | Term | Avg rate 15 Nov 2024 | Avg rate 22 Nov 2024 | Weekly Change | Yearly Change |
| 95% | 2-year-fixed | 5.63% | 5.65% | +0.02% | -0.34% |
| 95% | 5-year-fixed | 5.30% | 5.34% | +0.04% | -0.18% |
| 90% | 2-year-fixed | 5.47% | 5.49% | +0.02% | -0.32% |
| 90% | 5-year-fixed | 5.07% | 5.07% | +0.00% | -0.24% |
Average fixed-term mortgage rates for home-buyers with 15-25% deposits
| Loan to Value (LTV) | Term | Avg rate 15 Nov 2024 | Avg rate 22 Nov 2024 | Weekly Change | Yearly Change |
| 85% | 2-year-fixed | 5.08% | 5.10% | +0.02% | -0.62% |
| 85% | 5-year-fixed | 4.84% | 4.86% | +0.02% | -0.39% |
| 75% | 2-year-fixed | 4.82% | 4.84% | +0.02% | -0.60% |
| 75% | 5-year-fixed | 4.70% | 4.71% | +0.01% | -0.38% |
| Loan to Value (LTV) | Term | Avg rate 15 Nov 2024 | Avg rate 22 Nov 2024 | Weekly Change | Yearly Change |
| 60% | 2-year-fixed | 4.38% | 4.38% | +0.00% | -0.61% |
| 60% | 5-year-fixed | 4.31% | 4.33% | +0.02% | -0.29% |
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.
Lower stress rates and cheaper mortgages fuel first time buyer…