Current UK mortgage rates: September 2026 update

The Bank of England base rate is 3.75%. The Bank held it there on 17 September 2026, but fixed mortgage rates have been rising anyway: according to Moneyfacts, the average two-year fix was 5.73% and the average five-year fix 5.78% on 15 September, both up sharply since the spring. Here's where rates stand, why they're moving, and what it could mean for you.

Updated on 17 September 2026 after the Bank of England's latest decision. We first published this guide in July 2025 and refresh it as rates change.

Bank of England base rate

3.75%

Held on 17 September by a 6–3 vote. Next decision 5 November

UK inflation (CPI)

3.1%

August 2026, up from 2.9% in July. The target is 2%

Average two-year fix

5.73%

15 September, up from 5.63% at the start of August (Moneyfacts)

Average five-year fix

5.78%

15 September, up from 5.66% at the start of August (Moneyfacts)

What is the Bank of England base rate right now?

Bank Rate, often called the base rate, is 3.75%. It has been at that level since 18 December 2025, and on 17 September 2026 the Bank's Monetary Policy Committee voted by six to three to leave it unchanged. The three members who disagreed, Huw Pill, Megan Greene and Catherine Mann, wanted a rise to 4%.

The Bank said the risks to inflation are now tilted upwards and that it stands ready to act. Higher energy prices, driven by the conflict in the Middle East, are the main worry. The Bank expects inflation to climb to around 4% by early next year, although it has seen little sign so far of those costs spreading into wider prices and wages. We cover the decision in more detail in The Bank of England holds at 3.75%, but a rate rise is edging closer.

What are average mortgage rates in the UK today?

Moneyfacts, which tracks mortgages across the market, put the average two-year fixed rate at 5.73% and the average five-year fixed rate at 5.78% on 15 September 2026. By the following day, further repricing had lifted the five-year average to 5.82%, its highest since November 2023.

Averages hide a wide spread. Your deposit, or the equity you hold if you're remortgaging, makes a big difference to the rate you're offered. These were the averages at the start of August, the latest full breakdown available:

Two other figures are worth knowing. The average two-year tracker rate was 4.52%, and the average standard variable rate (SVR), which most borrowers move onto when a deal ends, was 7.13%. The lowest advertised rates sit well below the averages, but they usually need a large deposit and often carry higher fees, so the headline rate isn't always the cheapest option overall.

How have mortgage rates moved?

Earlier this year, rates were drifting down. In February 2026 the average two-year fix was below 5%, and markets expected more base rate cuts. That changed in March, when conflict in the Middle East sent energy prices and swap rates sharply higher. Lenders pulled hundreds of deals, and by early April the average product was staying on sale for just eight days.

Rates eased over the late spring and early summer as markets calmed, then turned up again in July as the conflict dragged on and inflation fears returned. Since the start of September, several of the biggest lenders have raised fixed rates twice.

On a £200,000 repayment mortgage over 25 years, the move from a 4.84% average two-year fix at the start of March to 5.73% today adds roughly £105 a month.

Why are mortgage rates rising when the base rate hasn't changed?

Because fixed rates are priced on where markets think interest rates are heading, not where they are today. The chain usually runs like this:

1. Inflation outlookHigher energy costs raise the risk that inflation stays above target.
2. Rate expectationsMarkets start to expect Bank Rate to rise, rather than fall.
3. Swap ratesThe rates lenders pay to fund fixed deals go up. Moneyfacts says they climbed above 4.7% in September.
4. Mortgage pricingLenders raise fixed rates, or withdraw deals, to protect their margins.

Government borrowing costs matter too. The 10-year gilt yield was around 5.24% after the Bank's decision, having recently reached an 18-year high. When gilt yields and swap rates rise, fixed mortgage rates tend to follow quickly. You can read more in our guides to swap rates and how inflation affects your mortgage.

When do mortgage rates change, and how often?

It depends on the type of mortgage.

• Base rate decisions happen eight times a year. The next is on Thursday 5 November 2026.
• Tracker mortgages move with Bank Rate, usually soon after a change, depending on the terms of your deal.
• Standard variable rates are set by each lender and can change at any time, though they often move after a base rate change.
• New fixed-rate deals can be repriced on any working day. At the start of August, the average mortgage stayed on sale for just 11 days before being changed or withdrawn.

If you already have a fixed rate, your payments stay the same until the fixed period ends, whatever happens to the market.

What is the outlook for UK mortgage rates?

Nobody can say for certain, and forecasts have been wrong-footed several times this year. After the September decision, financial markets were pricing in a quarter-point rise to 4% as soon as November, with further rises next year that could take Bank Rate to 4.75%. Much of that is already reflected in today's fixed rates.

The biggest unknown is energy. Brent crude was around $106 a barrel in mid-September. If prices fall back and inflation proves short-lived, rate expectations could ease and fixed rates could come down with them. If energy stays expensive and inflation spreads into wages and wider prices, rates could rise further. The US Federal Reserve raised its own rates on 16 September for the first time since 2023, a reminder that the pressure is global.

What current rates could mean for you

If your fixed rate ends in the next six months, many lenders let you secure a new deal ahead of time. Doing so can protect you from further rises, and in many cases you can still switch if rates improve before it starts. Rolling onto an SVR averaging 7.13% could cost about £174 a month more than a 5.73% fix on a £200,000 mortgage. Our remortgage advice covers product transfers and switching lenders.

If you're a first-time buyer, a bigger deposit still makes the most difference to your rate, but 90% and 95% deals are widely available. An agreement in principle can help you budget while rates are moving. See our first-time buyer service.

If you're on a tracker or variable rate, check how a rise would affect you. On a £200,000 tracker at 4.52% over 25 years, a 0.25% increase would add about £29 a month.

If you're unsure how long to fix for, our guide to choosing a fixed-rate term sets out the trade-offs.

Quick Mortgages is a whole-of-market broker with no broker fees. We can compare deals across lenders, help you secure a rate early and keep an eye on the market until your new deal starts. You can also try our mortgage search tool.

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Disclaimer:

This article is for general guidance purposes only and does not constitute legal, financial, or professional advice. Mortgage products and their terms can vary, and it is important to seek advice from a qualified, regulated professional who can assess your individual circumstances. Please ensure you consider your unique needs before making any financial decisions.

While every effort is made to ensure that the information provided on this blog is accurate and up-to-date, we do not guarantee its completeness or accuracy. The mortgage market can change rapidly, and the information on this blog may become outdated. We recommend verifying any information before acting on it and seeking tailored advice.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.