Where can I find average UK mortgage rates?
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.
The latest figure
Past values
| Year | Average for the year |
|---|---|
| 2026 | 3.75% |
| 2025 | 4.25% |
| 2024 | 5.11% |
| 2023 | 4.68% |
| 2022 | 1.47% |
| 2021 | 0.11% |
Read from the Bank of England data file. Every value since 1975.
This figure is read from the publisher every six hours, so it may be newer than the answer above. More on it: Bank of England Bank Rate.
When is the next figure out?
Eight scheduled MPC announcements a year, Thursdays at 12 noon; next announcement 5 November 2026
Every official release due in the next two weeks is on the release calendar.
Terms used in this answer
- Bank RateThe interest rate the Bank of England pays on reserves held by commercial banks. Set by the Monetary Policy Committee, it is often called the base rate.
- Quantitative easing (QE)The Bank of England's purchase of assets, mainly government bonds, with newly created central bank money to lower longer-term interest rates and support spending.
- Percentage pointThe arithmetic difference between two percentages. A rise from 4% to 5% is one percentage point, but a 25% increase in the rate.
- GiltsBonds issued by the UK government to borrow money. They pay a fixed interest (coupon) and repay the face value at maturity; index-linked gilts rise with RPI.
Where the figures come from
- Bank of England Statistical Interactive DatabaseUse the Bank of England database to check Bank Rate history, mortgage and savings rates, mortgage approvals and M4, with series codes and CSV links.
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This answer says where the official figures are published and how they are defined. It gives no verdict on any claim. To report an error, send a correction request. More questions about interest rates, mortgages and money: all Interest rates, mortgages and money questions.