The average five-year fixed mortgage rate is now 4.66%, down from 5.33% 12 months ago according to the Rightmove weekly mortgage tracker
The data shows the average two-year fixed mortgage rate is now 4.92%, down from 5.76% a year ago. A significant reduction of 0.84%.
The property portal calculated that the average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% loan-to-value (LTV) mortgage, is now £1,093 per month, down from £1,159 per month a year ago.
Meanwhile, the average 85% LTV five-year fixed mortgage rate is now 4.69%, down from 5.40% a year ago, while the average 60% LTV five-year fixed mortgage rate is now 4.05%, down from 4.91% a year ago.
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