Average five-year fix falls below 5% for first time since May: Rightmove – Mortgage Strategy

This week, the average five-year fixed mortgage rate has dipped below 5% for the first time since the beginning of May.

This is according to Rightmove’s weekly mortgage tracker which reveals:

The average five-year fixed mortgage rate is now 4.99%, down from 5.68 % a year ago.

The average two-year fixed mortgage rate is now 5.37%, down from 6.17% a year ago

The average 85% LTV five-year fixed mortgage rate is now 4.99%, down from 5.68% a year ago.

While the average 60% LTV 5-year fixed mortgage rate is now 4.39%, down from 5.42% a year ago

The average monthly mortgage payment on a first-time buyer type property which is currently £227,757, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,131 per month if repaying over 25 years, compared with £1,203 per month a year ago (when the average first-time buyer property asking price was £226,412).