Average mortgage rates edged lower this week, with the biggest week-on-week change across the market coming in with a 10 basis point cut for 95% loan-to-value two-year fixes to 5.52%, data from Rightmove shows. A year ago this rate was 3.14%.
At 85% LTV, average five-year fixes are 4.50%, down by 3 basis points. A year ago this rate was 2.63%.
The 60% LTV average five-year fix is 4.17%, lower by 1 basis point. A year ago this rate was 2.33%.
Other notable reductions include 75% LTV average two-year fixes at 4.60%, reduced by 5 basis points. A year ago this rate was 2.41%.
At 75% LTV, average five-year fixes are 4.28%, cut by 4 basis points. A year ago this rate was 2.51%.
And 90% LTV average two-year fixes are 5.14%, down by 4 basis points. A year ago this rate was 2.62%.
The web property firm says its rate estimates are based on products with a fee of around £999.
Rightmove mortgage expert Matt Smith says: “Average rates have crept down again this week, but the pace of change has dropped a little.
“This lull is likely to be a combination of the Easter break limiting activity, and lenders taking stock following a very active period of price cuts across the market.
“We can probably expect a similar pattern in the coming week, although there are increasing signs of competition at lower LTVs. There are now nine lenders offering five-year fixed-rate deals below 4% at 60% LTV, and two lenders now offering a sub-4% five-year fixed rate to those with a 25% deposit.
“This is the first time that a high-street lender has offered a 75% LTV rate below the 4% mark since mid-September last year.”
