Question 1

Where can I find average UK mortgage rates?

Accepted Answer

The Bank of England publishes two sets of official mortgage rate figures. Quoted rates are the average rates lenders advertise for new loans, such as a two-year fixed at 75% loan to value. Effective rates are what borrowers actually pay on new and existing mortgages. Both come out monthly in the Bank's database and its "Effective interest rates" release. A claim about the "average mortgage rate" should say which measure it uses, because quoted rates move faster than effective rates.

Question 2

What is the Bank of England base rate today?

Accepted Answer

The base rate, officially called Bank Rate, is set by the Bank of England's Monetary Policy Committee. The current rate and the date it last changed are shown at the top of the Bank's "Interest rates and Bank Rate" page. Every change since 1694 is listed in the Bank's database (series IUDBEDR). When checking a claim about rates "rising" or "falling", give the date of each decision rather than relying on the latest headline.

Question 3

What is the UK M4 money supply?

Accepted Answer

M4 is the Bank of England's broad measure of money: notes and coins held by the public plus sterling deposits at UK banks and building societies. The Bank also publishes M4ex, which excludes some financial companies and is the measure it focuses on. Monthly figures are in the Money and Credit release and the Bank's database. Claims that "money printing" caused inflation are often about quantitative easing, which the Bank reports separately through its Asset Purchase Facility.

Question 4

Where can I find UK lending and mortgage approvals data?

Accepted Answer

The Bank of England's monthly Money and Credit release covers mortgage approvals for house purchase, net mortgage lending, consumer credit (credit cards, car finance and personal loans) and lending to businesses. The underlying series are in the Bank's Statistical Interactive Database, which you can download as CSV. Figures are seasonally adjusted unless stated, and recent months are often revised.

Question 5

How do I use the Bank of England statistical database?

Accepted Answer

The Bank of England Statistical Interactive Database holds thousands of time series on interest rates, exchange rates, money and lending. Search by keyword or browse by category, tick the series you want, choose dates and download as CSV or spreadsheet. Every series has a code, such as IUDBEDR for Bank Rate, which you can use in a fixed download link so the source does not change. No account or key is needed. Our Bank of England database guide lists the series most used in fact checks.

Question 6

How often are UK interest rates reviewed?

Accepted Answer

The Monetary Policy Committee meets eight times a year to set Bank Rate. The Bank publishes the dates a year or more ahead, and each decision is published with the minutes and the votes of each of the nine members. The Bank does not forecast its own future rate. Its Monetary Policy Report shows the market's expected path at the time, which is a different thing from a commitment.

Interest rates, mortgages and money: your questions answered