The average 5-year fixed mortgage rate is now 4.64%, down from 5.39% a year ago while the average 2-year fixed mortgage rate is now 4.94%, down from 5.85% a year ago, the latest Rightmove mortgage tracker reveals.
Meanwhile the average 85% LTV 5-year fixed mortgage rate is now 4.65%, down from 5.47% a year ago and the average 60% LTV 5-year fixed mortgage rate is now 4.05%, down from 4.95% a year ago.
Toby Leek, NAEA Propertymark President, says: “It’s positive to see that the average rates on many mortgage deals have dropped since last year, evidently providing many buyers and those looking to step onto the property ladder for the first time with increased affordability.”
HELP FIRST-TIME BUYERS
And he adds: “With the Bank of England making its announcement on the next steps for interest rates next week, a further drop will go a huge way in helping even more people access more affordable and better suited mortgage deals.
“However, we now hope that the UK Government takes the opportunity in its upcoming Autumn Budget to further help buyers and continue the positive momentum within the market as it plays a crucial factor in the overall health of the wider economy.”
