Bank of England · UK mortgage model
UK interest rates — history and where we stand today
Report date: 2026-09-15
History fetched: 2026-09-15T08:06:05.975931+00:00
History range: 1694-11-01 → 2026-09-11
Summary
UK rates sit in a post-2022 tightening cycle that is now easing at the policy level but not yet fully in fixed mortgage pricing.
- Bank Rate is 3.75% — below the 2023–24 peak but above the 2010–21 norm.
- Advertised 10y fix is 5.25% — elevated vs the 2010–21 decade, in line with higher swap/gilt yields.
- 10y gilt (OECD) is 4.80% — mid-range vs the full series back to 1960.
Fixed mortgage rates have risen with swap/OIS curves, and retail margins have widened on top (see the morning report cover). Policy rate cuts do not pass through to fixed-rate products immediately.
The Millennium dataset extends Bank Rate back to 1694 (range 0.2% – 17.0% in that series) — useful for very long-run perspective before modern mortgage markets existed.
Where we stand today
| Series | As of | Latest | Min (history) | Max (history) | Median | Percentile rank |
|---|---|---|---|---|---|---|
| Bank Rate | 2026-09-11 | 3.75% | 0.75% | 7.50% | 4.75% | 22th pct |
| 2y advertised fix | 2026-08-31 | 4.92% | 1.20% | 8.38% | 4.53% | 59th pct |
| 5y advertised fix | 2026-08-31 | 4.78% | 1.28% | 9.44% | 4.92% | 47th pct |
| 10y advertised fix | 2026-08-31 | 5.25% | 2.24% | 9.96% | 5.33% | 49th pct |
| 10y gilt yield (OECD) | 2026-06-01 | 4.80% | 0.58% | 16.34% | 6.40% | 33th pct |
| SONIA | 2026-09-10 | 3.73% | 1.69% | 5.20% | 4.22% | 25th pct |
Bank Rate — 1694 to 2017 (Millennium dataset)
The longest official UK policy-rate series: BoE research dataset stitching historic sources (FRED BOERUKM). Monthly; ends 2017 — use IUDBEDR (below) for the live policy rate since then.
Bank Rate — 1995 to present
Official BoE policy rate (IUDBEDR). Shows the pre-GFC level, the long post-crisis floor, the 2022–23 hiking cycle, and recent cuts.
Advertised mortgage rates — 1995 to present
BoE quoted household rates at 75% LTV (IUMBV34/42/45). These are weighted-average advertised headline rates, not live best-buy menus.
The series begins January 1995 — the longest consistent retail mortgage benchmark BoE publishes.
10-year gilt yield — 1960 to present
OECD harmonised 10-year government bond yield for the UK (FRED IRLTLT01GBM156N). Provides perspective across inflation shocks, disinflation, QE, and the 2022–24 bond sell-off.
How this relates to the morning report
| Topic | Morning report | This history report |
|---|---|---|
| Focus | Latest month, margins vs OIS, pipeline | Long-run levels and percentile context |
| Mortgage data | Same BoE IUMBV series | Extended back to 1995 |
| Swap/OIS curve | BoE daily/monthly curve | Not repeated here |
| Gilt benchmark | Not covered | 1960+ via FRED/OECD |
Data sources
| Series | Source | Code | History from |
|---|---|---|---|
| Bank Rate | BoE IADB | IUDBEDR | 1995 |
| 2y / 5y / 10y advertised fix | BoE IADB | IUMBV34/42/45 | 1995 |
| Variable advertised | BoE IADB | IUMBV48 | ~2012 (series renamed) |
| 10y gilt | FRED / OECD | IRLTLT01GBM156N | 1960 |
| Bank Rate (long run) | FRED / BoE Millennium | BOERUKM | 1694 |
| SONIA (latest only) | BoE IADB | IUDSOIA | 2018 |
Regenerate:
python3 fetch_uk_rates_history.py
python3 generate_uk_rates_history_report.py