UK mortgage rate tracker: why rates move
Last reviewed: 30 June 2026
UK mortgage rates are driven by two different things. Tracker and standard variable rates follow the Bank of England base rate, which is 3.75%. Fixed rates follow swap rates, the market cost of fixing funding, so a fix can be above or below the base rate and can move even when the base rate is held. We do not publish live rates here: this page explains what moves them and points you to the official live data.
The verified anchor
The Bank of England base rate is 3.75%, held on 18 June 2026[Bank of England], with the next decision due on 30 July 2026. That single figure sets the floor for tracker and variable products, but it is not what prices a fixed deal.
Two engines, two behaviours (indicative)
| Product type | What drives the rate | How it behaves |
|---|---|---|
| Tracker | Bank of England base rate plus a set margin | Moves up and down with the base rate |
| Standard variable rate (SVR) | Set by the lender, loosely tied to the base rate | Lender can change it; usually the most expensive |
| Fixed rate | Swap rates for that term, plus the lender's margin | Can rise or fall while the base rate is held |
Illustrative explanation of behaviour, not live rates. We do not quote current product rates here.
Where to find live levels
The Bank of England publishes effective interest rates on new and outstanding mortgage lending, which is the cleanest official measure of where rates actually sit. For the rate available on a specific product for your case, a regulated broker can give you current figures. To understand why a fix is priced where it is, see swap rate vs base rate.
Common questions
What is the base rate now?
The Bank of England base rate is 3.75%, held at the meeting on 18 June 2026, with the next decision due on 30 July 2026. The base rate directly affects tracker and standard variable rates, but fixed mortgage rates are driven mainly by swap rates, not the base rate.
Why is my fixed rate higher than the base rate?
Because fixed rates are priced off swap rates, the market cost to a lender of fixing its funding for the same term, plus the lender's margin and costs. Swaps reflect where markets expect rates to go, so a fixed rate can sit above or below the base rate and can even move while the base rate is held.
Do you publish live mortgage rates?
No. We do not quote live rates, because they change constantly and vary by lender, loan-to-value and product. For live levels, the Bank of England publishes effective interest rates on new and outstanding mortgages, and a broker can give you current product rates for your case.
What makes rates rise or fall?
Variable and tracker rates move with the base rate. Fixed rates move with swap rates, which respond to inflation data, growth, and expectations of future base-rate decisions. That is why fixed deals can change between Bank of England meetings.
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Founder, MortgageExplained, MortgageExplained
Adam spent nearly a decade as a mortgage adviser at Just Mortgages, with further experience in commercial finance. He is CeMAP and CF qualified. He built MortgageExplained to do one thing well: explain mortgages in plain English, then introduce you to a regulated broker when you are ready. Every page is written and reviewed by Adam.
Last reviewed: 30 June 2026