Rightmove’s weekly mortgage tracker shows that the average rate for a five-year fixed 85% LTV mortgage sits at 5.5% today (27 June), and compares to 5.31% last week and 3.35% a year ago.

For a five-year fixed 60% LTV the rate has increased to 5.26% from 5.05% and it compares to 3.18% a year ago.

The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 85% LTV mortgage is now £1,182, up by £22 per month compared to last week.

The average monthly mortgage payment on a first-time buyer type property for someone taking out a five-year fixed, 60% LTV mortgage is now £815 up by £17 per month compared to last week.

For a 95% LTV two-year fixed mortgage, the average rate  has increased from 6.36% to 6.62% this week – and this compares to 3.76% a year ago.

For a 90% LTV two-year fixed, the average rate has increased 0.21% to 6.09%. And for a 90% LTV five-year fixed, the average rate has increased from 5.47% to 5.67% and this compares to 3.5% the same week in 2022.

The average rate on an 85% LTV two-year fix is now 5.93% up from 5.72% last week.

For an 85% LTV five year fix the average rate has also increased up to 5.5% from 5.31%

Rightmove’s mortgage expert Matt Smith says: “Rates continue to rise this week as the market adjusts to two sets of disappointing inflation numbers. The Bank’s message that it still expects inflation to ease significantly in the second half of the year is reflected in the difference between two year and five-year fixed deal increases this week, with the former seeing the larger average increase”.

He adds: “Further increases will come as disappointing news to those looking to take out a mortgage soon, who will be wanting stability to be able to plan for what they can afford. However, after weeks of significant increases we’ve seen swap rates, the underlying costs of mortgage lenders, remain relatively stable since last week’s Base Rate announcement.

“So, while we may still see some further increases in the short term as this market adjustment continues, we’d expect the pace of change to slow down – particularly for five-year fixed rate products – and hopefully that desired period of stability arrives in the medium term.”