The latest mortgage rate information from Rightmove has revealed that the average 5-year fixed mortgage rate is now above 5% for the first time since January. 

The average 5-year fixed mortgage rate is now 5.02%, up from 4.56% a year ago, while the average 2-year fixed mortgage rate is now 5.41%, up from 4.84% a year ago. 

The average 85% LTV 5-year fixed mortgage rate is now 4.93%, up from 4.52% a year ago, while the average 60% LTV 5-year fixed mortgage rate is now 4.52%, up from 4.23% 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 £1,121 per month, up from £1,065 per month a year ago. 

Rightmove also said that the average monthly mortgage payment on a first-time buyer type property which is currently £227,110, for someone taking out an average five-year fixed, 85% LTV mortgage, is now £1,121 per month if repaying over 25 years, compared with £1,065 per month a year ago.