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Rightmove – Mortgage Financing Magazine

Rightmove – Mortgage Financing Magazine

Two- and five-year mortgage rates have fallen by as much as 146 basis points compared to a year ago, according to Rightmove’s latest mortgage rate tracker.

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The average two-year fix across all LTV levels is now 5.35%, down 107 basis points from 6.42% a year ago.

The average five-year fix for all LTVs is now 4.97%, down 94 basis points from 5.91% a year ago.

Products with an LTV of 60% showed the strongest decline, with the average two-year interest rate falling by 146 basis points from 6.24% to 4.78%.

The average five-year fix in the same category fell by 143 basis points from 5.78% to 4.35%.

The average 85% LTV five-year fixed rate is now 4.97%, down 93 basis points from 5.9% a year ago

This means the average monthly mortgage payment for a typical first-time home with a five-year fixed mortgage and an 85% LTV is now £1,128 per month, compared to £1,228 per month a year ago.