Rightmove’s mortgage tracker shows that the lowest mortgage rate available within a Loan-To-Value (LTV) bracket has dipped below 5% for the first time since June (75% and 60% LTV 5-year fixed mortgage).

The lowest rate available for a60% or 75% LTV 5-year fixed mortgage is now 4.94%

The average 5-year fixed mortgage rate is now 5.58%, up from 4.42% a year ago

The average 2-year fixed mortgage rate is now 6.11%, up from 4.57% a year ago

The average 85% LTV 5-year fixed mortgage rate is now 5.66%, up from 4.38% a year ago

The average 60% LTV 5-year fixed mortgage rate is now 5.19%, up from 4.11% a year ago

The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,194 per month, up from £1,048 per month a year ago.