{"id":1191307,"date":"2026-09-07T11:31:23","date_gmt":"2026-09-07T11:31:23","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/1191307\/"},"modified":"2026-09-07T11:31:23","modified_gmt":"2026-09-07T11:31:23","slug":"mortgage-rates-set-to-climb-ahead-of-bank-decision","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/1191307\/","title":{"rendered":"Mortgage rates set to climb ahead of Bank decision"},"content":{"rendered":"<p><a data-no-instant=\"1\" href=\"https:\/\/thenegotiatorawards.evessiocloud.com\/thenegotiatorawards2026\/en\/page\/all-the-categories\" rel=\"noopener nofollow\" class=\"a2t-link\" target=\"_blank\" aria-label=\"The Negotiator Awards Deadline Extended image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/09\/The-Negotiator-Awards-Deadline-Extended_Leaderboard-Desktop_1700x180px.gif\" alt=\"The Negotiator Awards Deadline Extended image\" width=\"1700\" height=\"180\"\/><\/a><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-205065 size-full\" src=\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2026\/09\/Huw-Pill-and-mortgage-rates.png\" alt=\"Huw Pill and mortgage rates\" width=\"730\" height=\"456\"  \/><\/p>\n<p>Homeowners are set to face higher mortgage costs this week ahead of the latest Bank of England interest rate decision.<\/p>\n<p>Swap rates, which lenders use to determine the amount they charge for mortgages, have risen to a three-year high.<\/p>\n<p>Uncertainty in the international bond markets is causing the volatility that is affecting Britain\u2019s loans market.<\/p>\n<p>It is prompting banks and building societies to act \u2013 starting with Coventry Building Society last week \u2013 , by raising their rates.<\/p>\n<blockquote class=\"quote-solid\" wp_automatic_readability=\"5\">\n<p>We cannot wait for uncertainties to resolve themselves before acting.\u201d<\/p>\n<\/blockquote>\n<p>Last month, the <strong><a href=\"https:\/\/www.bankofengland.co.uk\/\" target=\"_blank\" rel=\"noopener nofollow\">Bank of England<\/a><\/strong> held interest rates at 3.75% again, but three members of its nine-strong Monetary Policy Committee (MPC) voted for an increase.<\/p>\n<p>Huw Pill, the Bank\u2019s Chief Economist and an MPC member (pictured), is in favour of raising the Bank Rate. \u201cWe cannot wait for uncertainties to resolve themselves before acting,\u201d he said.<\/p>\n<p>\u201cI see benefit in acting clearly, promptly and decisively\u2026 This would cut through the noise inherent in the current uncertain environment in a way that bolsters the clarity and effectiveness of our policy choices,\u201d The Guardian reports.<\/p>\n<p>Best hope<\/p>\n<p>The MPC meets again next week to make its latest decision, and the property market will be praying there is no increase in rates with a \u2018hold\u2019 vote probably the best hope.<\/p>\n<p>The average two-year fixed rate mortgage rate is 5.59%, while a five-year fixed deal costs 5.63%, according to Moneyfacts.<\/p>\n<p><strong><a href=\"https:\/\/thenegotiator.co.uk\/?s=Mortgage\" target=\"_blank\" rel=\"noopener nofollow\">More on mortgages<\/a><\/strong><\/p>\n<p>\t\t\t<br clear=\"all\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"Homeowners are set to face higher mortgage costs this week ahead of the latest Bank of England interest&hellip;\n","protected":false},"author":2,"featured_media":1191308,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[6],"tags":[111765,936,51,322910,478,25547,16,15],"class_list":["post-1191307","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-affordable-mortgages","tag-bank-of-england","tag-business","tag-hugh-pill","tag-interest-rates","tag-monetary-policy-committee","tag-uk","tag-united-kingdom"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/117229540241173414","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1191307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=1191307"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/1191307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/1191308"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=1191307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=1191307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=1191307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}