The average 5-year fixed mortgage rate is now 4.64 per cent, down from 5.36 per cent a year ago according to the latest figures from Rightmove.
The average 2-year fixed mortgage rate is now 4.91%, down from 5.81% a year ago and the average 85% LTV 5-year fixed mortgage rate is now 4.66%, down from 5.44% a year ago.
The average 60% LTV 5-year fixed mortgage rate is now 4.04%, down from 4.94% a year ago and average monthly mortgage payments on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,089 per month, down from £1,164 per month a year ago.
Rightmove says the average monthly mortgage payment on a first-time buyer type property which is currently £226,868, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,089 per month if repaying over 25 years, compared with £1,164 per month a year ago (when the average first-time buyer property asking price was £224,263).
