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What are the current mortgage rates?

At Bourne Estate Agents, staying informed about the latest mortgage rates is essential for anyone aspiring to own a home in the UK. With lenders frequently adjusting rates, we’re dedicated to keeping you in the loop, providing comparisons with previous weeks’ changes.

Here’s the current landscape: Recent discussions surrounding potential Base Rate increases and their implications on mortgage rates have peaked interest. The Bank of England convenes every six weeks to deliberate whether the Base Rate should rise, fall, or remain stable. Presently, the Base Rate holds steady at 5.25%, unchanged since August.

Let’s dive into the specifics:

For Homebuyers with 5-10% Deposits:

Loan to Value (LTV) Term Average Rate 17 Apr 2024 Average Rate 24 Apr 2024 Weekly Change
95% 2-year fixed 5.98% 6.02% +0.04%
95% 5-year fixed 5.52% 5.55% +0.03%
90% 2-year fixed 5.50% 5.54% +0.04%
90% 5-year fixed 5.03% 5.08% +0.05%

 

For Homebuyers with 15-25% Deposits:

Loan to Value (LTV) Term Average Rate 17 Apr 2024 Average Rate 24 Apr 2024 Weekly Change
85% 2-year fixed 5.21% 5.26% +0.05%
85% 5-year fixed 4.77% 4.82% +0.05%
75% 2-year fixed 5.04% 5.12% +0.08%
75% 5-year fixed 4.69% 4.76% +0.07%

 

For Homebuyers with 40% Deposits:

Loan to Value (LTV) Term Average Rate 17 Apr 2024 Average Rate 24 Apr 2024 Weekly Change
60% 2-year fixed 4.67% 4.74% +0.07%
60% 5-year fixed 4.29% 4.36% +0.07%

As of now, the average rate for a five-year fixed-rate mortgage stands at 4.89%, showing a slight uptick from last week’s 4.84%. Meanwhile, for a two-year fixed-rate mortgage, it’s 5.29%, compared to 5.23% the previous week. The lowest available rates remain at 4.13% for a five-year fixed and 4.46% for a two-year fixed, consistent with last week’s figures.

For homebuyers with various deposit percentages, here’s a detailed breakdown of average rates and weekly changes across different loan-to-value (LTV) ratios and terms.

Looking ahead: Market forecasts suggest that the Base Rate might have reached its peak. Projections indicate that rates are likely to remain steady throughout 2024 before potentially decreasing. However, anticipating significant drops in mortgage rates proves challenging due to numerous influencing factors such as inflation and economic stability.

Considering the current average asking price of a typical first-time buyer property (£227,110), opting for a five-year fixed, 85% LTV mortgage would result in an average monthly payment of £1,108 over 25 years.

Understanding the current mortgage landscape is crucial for prospective homeowners. Armed with this knowledge, you can make well-informed decisions as you navigate the mortgage market. Remember, finding the right mortgage entails considering not just rates but also suitability and affordability for your individual circumstances.

If you would like some FREE advice about mortgages, please Book a Call with our independent, recommended mortgage advisors or feel free to contact one of our expert agents here at Bourne for a chat. 

Source:  Rightmove House Price Index and Podium Data.

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