November 2024 update
Following months of gradual rate reductions, mortgage rates have been rising slightly since the UK’s Autumn Budget at the end of October.
Despite the base rate recently being cut to 4.75% it is ‘swap’ rates that affect the pricing of mortgage products (rate at which banks lend money to each other).
Another factor to be mindful of is the rate of inflation. Following a below expected rate of 1.7% in September, the inflation rate in October has been quoted at 2.3% largely due to the increase in energy prices. Energy prices going up just when we need to switch on our central heating more, imagine that!
So, what is the mortgage market looking like at the moment? Let’s take a look. Please note rates are current as of 21st November 2024 and are subject to change. Rates provided by Podium
Average rates for 2-year and 5-year fixed-rate mortgages
| Term | Average rate | Weekly change | Yearly change |
| 2-year fixed | 5.08% | +0.01% | -0.52% |
| 5-year fixed | 4.85% | +0.02% | -0.33% |
These rates are provided by Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee.
Lowest rates for 2-year and 5-year fixed-rate mortgages
| Term | Lowest rate | Weekly change | Yearly change |
| 2-year fixed | 4.22% | +0.00% | -0.56% |
| 5-year fixed | 4.14% | +0.00% | -0.29% |
Average fixed-term mortgage rates for home-buyers with 5-10% deposits
| Loan to Value (LTV) | Term | Avg rate 14 Nov 2024 |
Avg rate 21 Nov 2024 |
Weekly Change | Yearly Change |
| 95% | 2-year-fixed | 5.63% | 5.65% | +0.02% | -0.34% |
| 95% | 5-year-fixed | 5.30% | 5.34% | +0.04% | -0.19% |
| 90% | 2-year-fixed | 5.47% | 5.49% | +0.02% | -0.34% |
| 90% | 5-year-fixed | 5.06% | 5.07% | +0.01% | -0.24% |
Average fixed-term mortgage rates for home-buyers with 15-25% deposits
| Loan to Value (LTV) | Term | Avg rate 14 Nov 2024 |
Avg rate 21 Nov 2024 |
Weekly Change | Yearly Change |
| 85% | 2-year-fixed | 5.08% | 5.09% | +0.01% | -0.64% |
| 85% | 5-year-fixed | 4.83% | 4.85% | +0.02% | -0.40% |
| 75% | 2-year-fixed | 4.79% | 4.83% | +0.04% | -0.61% |
| 75% | 5-year-fixed | 4.66% | 4.70% | +0.04% | -0.39% |
Average fixed-term mortgage rates for home-buyers with 40% deposits
| Loan to Value (LTV) | Term | Avg rate 14 Nov 2024 |
Avg rate 21 Nov 2024 |
Weekly Change | Yearly Change |
| 60% | 2-year-fixed | 4.30% | 4.37% | +0.07% | -0.62% |
| 60% | 5-year-fixed | 4.24% | 4.31% | +0.07% | -0.31% |