Are mortgage rates today directly linked to the Bank of England base rate?

Not directly. Variable and tracker deals follow the base rate more closely. Fixed deals price off sterling swap rates, which reflect expectations for future BoE moves and global bonds. That is why US rate shifts can influence UK fixed pricing. Always compare swap trends, not just headline base rate changes.

Should I refinance if my current rate is above 6.5%?

Run the numbers. Get like-for-like quotes, including fees and the APRC. If today’s refinance rates cut your monthly cost and you recover fees within the fix period, it can make sense. Check early repayment charges, valuation costs, and incentives. Ask a broker to stress test affordability at higher rates before deciding.

How long can I lock a mortgage offer in the UK?

Most lenders hold an offer for 3 to 6 months, sometimes longer for new builds. If mortgage rates today look attractive and you complete soon, consider locking. If your timeline is further out, track swap moves and lender repricing. You can reapply if rates fall, but watch fees and eligibility changes.

What is the impact of a move from 6.09% to 5.5% on payments?

On a £250,000 mortgage over 25 years, 6.09% is about £1,625 monthly, while 5.5% is roughly £1,534. That saves around £91 each month. Actual quotes vary by lender, LTV, and fees, but this shows why small rate changes matter. Use precise lender illustrations before making any commitment.

What indicators should UK borrowers watch in 2026?

Watch UK CPI, wage growth, and services inflation, plus the BoE’s rate path. Track gilt yields and 2 and 5-year sterling swaps, since they drive fixed pricing. US inflation and labour data can sway global bonds too. Reassess mortgage options after each major data release or BoE meeting.

Global Market Insights

Mortgage Rates Today, February 01: Sub-6% Average, 2026 Outlook

ByDanny Kontos February 2, 2026February 2, 2026

Mortgage rates today are holding below 6%, with the average 30-year fixed mortgage at 5.91% and refinance rates at 6.09%. While these figures come from US data, they shape global bond moves that feed into UK fixed-rate pricing. For UK buyers and remortgagers, this backdrop could help lenders trim offers if swap rates ease. We explain today’s numbers, the likely path into 2026, and practical steps to make smarter decisions in pounds, not guesswork.