Today's read
The rates lenders use to price fixed deals edged up on Monday. A typical 2-year fixed deal now works out at 4.36% (+0.04 on the previous day) and a 5-year deal at 4.26%.
On a £200,000 repayment mortgage over 25 years, the 2-year deal works out at about £1,096 a month, £5 a month more than the day before. The 5-year deal is about £1,084 a month.
The Bank of England rate is 3.75%. Markets expect no change at the next decision on 17 September, and see it topping out at about 4.50% around April 2027.
Bigger picture, the typical 2-year deal is up 0.07% over the past week and up 0.20% over the past month.
Generated from market prices, not opinion. "Typical" means someone borrowing 75% of their home's value. What the market expects today is not a prediction and not advice.
See what this means for my mortgage →What moved the market
- 07:34Lloyds house prices are already out and softer than expected, with the annual rate negative.
- 07:34GDP on Friday is forecast at zero, and inflation on the 16th lands the day before the September meeting.
- 08:24The gaps are widest at one and two years, at 2.5bp, and narrowest at fifty, at 0.5bp — the mirror of the reading an hour ago.
- 08:24On these levels the run of four falls ends rather than reaching five.
- 08:24There is nothing scheduled before the round.
- 09:20The last four resets each came in below the one before, and on this morning's market that run ends.
- 09:50A borrower who drew at Wednesday's peak pays 12bp more than one who draws today — about £120,000 on £10m across ten years.
- 10:20The next chance to draw is at lunchtime.
Plain-language notes from the day's market commentary. Times are UK.
Other days
- Tuesday 15 September 2-yr 4.64% unchanged
- Monday 14 September 2-yr 4.65% ▲ 0.06%
- Friday 11 September 2-yr 4.59% ▼ 0.05%
- Thursday 10 September 2-yr 4.64% ▲ 0.18%
- Wednesday 9 September 2-yr 4.46% ▲ 0.09%
- Tuesday 8 September 2-yr 4.37% ▲ 0.01%