Average quoted 2-year fixed mortgage rate

Source: Bank of England, series IUMBV34. Monthly, on the fifth working day of the following month

Average quoted 2-year fixed mortgage rate: every value, by year, with a CSV download →

What it measures

This is the average interest rate advertised by UK banks and building societies for a new 2-year fixed-rate mortgage where the loan is 75% of the property's value. The Bank of England weights each lender's advertised rate by how much of that type of lending it does, so larger lenders count for more. Arrangement fees are not included, and the rate is for new borrowers, not for people already on a deal. The Bank publishes similar series for 5-year fixes, other loan-to-value bands and variable rates, all in its database.

How to read it

Fixed rates are priced mainly from what markets expect interest rates to be over the fixed period, so they can rise or fall before Bank Rate changes; gilt yields and swap rates are better early signals. An advertised rate is not the rate people end up paying: the Bank's "effective" rates show the average actually charged on new and existing loans. Borrowers with smaller deposits pay more, so compare like with like: a 90% loan-to-value deal will usually cost more than the 75% series. The Bank does not publish an average when fewer than three lenders offer a product.

Background

The series starts in January 1995 at 8.13%. It reached 6.60% in June 2008, before Bank Rate was cut during the financial crisis, and fell to a low of 1.20% in September 2021. It then rose to 6.22% in July 2023, during a period of Bank Rate increases. The Bank changed its method in February 2019: since then the series uses monthly averages across the whole market, while earlier figures used end-month rates from a sample of lenders. The September 2026 average of 5.13% was the highest since June 2024.

What is the average 2-year fixed mortgage rate in the UK?

When this page was checked on 13 October 2026, the Bank of England's average quoted rate for a 2-year fixed mortgage at 75% loan to value was 5.13% for September 2026. The figure at the top of this page updates when the Bank adds the next month to its database, on the fifth working day of the following month.

Are mortgage rates going up or down?

Compare the latest month with the previous few in the chart. In the Bank's series the 2-year fixed rate rose from 4.79% in July 2026 to 4.92% in August and 5.13% in September. Future rates depend on market expectations, which the Bank of England discusses in its Monetary Policy Report; it does not forecast mortgage rates.

Why have mortgage rates changed when Bank Rate has not?

Fixed-rate deals are funded and priced using market interest rates for the length of the fix, which reflect expected future Bank Rate. When markets expect rates to stay higher for longer, fixed rates can rise even while Bank Rate is held, and the reverse.

Where can I find mortgage rates at other loan-to-value levels?

The Bank of England publishes quoted rates for a range of loan-to-value bands and for different fixed periods and tracker mortgages, in Bankstats table G1.3 and the interactive database. Search the database for "quoted rates" to find the series codes.

What rate do borrowers actually pay on average?

The Bank's effective interest rate statistics show the average rate charged on new mortgages and on all outstanding mortgages. They are published monthly alongside Money and Credit, and the rate on all outstanding mortgages can differ a lot from advertised rates, because many existing fixed deals were agreed when rates were different.

Related questions

• Where can I find average UK mortgage rates?
• What is the Bank of England base rate today?
• How often are UK interest rates reviewed?
• How do I use the Bank of England statistical database?

More on this source: Bank of England Statistical Interactive Database