Today's read
The rates lenders use to price fixed deals jumped on Thursday. A typical 2-year fixed deal now works out at 4.64% (+0.18 on the previous day) and a 5-year deal at 4.48%.
On a £200,000 repayment mortgage over 25 years, the 2-year deal works out at about £1,128 a month, £21 a month more than the day before. The 5-year deal is about £1,109 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 4.75% around April 2027.
Bigger picture, the typical 2-year deal is up 0.34% over the past week and up 0.43% over the past month.
Lenders usually take a few days to pass a move like this into the deals they actually offer, so today's best buys may not reflect it yet.
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
- 07:22The rest of the curve is pointing the same way, three to four points up at two and twenty years.
- 09:49The third rise in a row, and the biggest of the three.
- 12:21Brent crude has reached a three-month high.
- 13:49American wholesale prices rose four tenths of a per cent last month, as forecast, after one tenth.
- 14:22The swap market has moved almost nine points today, its largest daily gain of the week.
- 15:22American home sales landed at 3.98 million, exactly as forecast.
- 16:22Oil, gas and borrowing costs are all being reported higher as Middle East fears escalate, with the Houthis seizing the Red Sea city of Mocha.
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%
- Wednesday 9 September 2-yr 4.46% ▲ 0.09%
- Tuesday 8 September 2-yr 4.37% ▲ 0.01%
- Monday 7 September 2-yr 4.36% ▲ 0.04%