Mortgage rates chart

Home ยป Mortgage rates chart

Mortgage rates chart

The information provided in this article is for informational purposes only and should not be construed as professional advice. Please rely on a mortgage broker for direct advice.

We are not liable for any actions taken based on the content herein and you should always refer to governmental sources and the FCA to make final decisions. We are not FCA regulated so you should not rely on the information in this article to make a decision.

The Bank of England (BoE) meets approximately every six weeks to decide whether to raise, lower, or maintain the Base Rate, which is currently 5.25% and has remained unchanged since August.

Rightmove data shows the average mortgage rate for a five-year fixed-rate mortgage is now 5.05%, an increase from 5.02% last week. The average rate for a two-year fixed-rate mortgage is 5.44%, up from 5.42% last week. The lowest available rates are unchanged from last week, with the five-year fixed rate at 4.34% and the two-year fixed rate at 4.75%.

Average mortgage rates in the UK at the moment

The chart below shows the trend in average mortgage rates

Mortgages rates in the UK Chart

As you can see from the chart, mortgage rates have been on an upward trajectory since early 2022, reflecting the Bank of England’s efforts to combat inflation by raising the base rate.

The rates for higher LTV mortgages, such as 95% LTV, have seen more substantial increases compared to lower LTV mortgages, like 75% LTV.

How has the mortgage rates changed over the years?

This chart clearly illustrates the cyclical nature of mortgage rates, with periods of low rates followed by periods of higher rates.

The most recent spike in mortgage rates can be observed starting in 2022, as the Bank of England began its series of base rate hikes to tackle inflation.

Mortgage rate history

To better understand the changes in mortgage rates, let’s refer to the table below.

This table highlights the significant fluctuations in mortgage rates over the years. In the early 1980s, rates reached staggering levels, with the average 30-year rate peaking at 16.63% in 1981. Rates then gradually declined throughout the late 1980s and 1990s, with a few minor upswings.

The early 2000s saw mortgage rates remain relatively stable and low, with the average 30-year rate hovering around 5-6% until the global financial crisis of 2008. Following the crisis, rates fell to historic lows, with the average 30-year rate reaching 2.96% in 2021.

However, the recent surge in inflation has prompted the Bank of England to aggressively raise interest rates, leading to a sharp increase in mortgage rates in 2022 and 2023.

Year Average 30-Year Rate Year Average 30-Year Rate Year Average 30-Year Rate
1976 8.87% 1992 8.39% 2008 6.03%
1977 8.85% 1993 7.31% 2009 5.04%
1978 9.64% 1994 8.38% 2010 4.69%
1979 11.20% 1995 7.93% 2011 4.45%
1980 13.74% 1996 7.81% 2012 3.66%
1981 16.63% 1997 7.60% 2013 3.98%
1982 16.04% 1998 6.94% 2014 4.17%
1983 13.24% 1999 7.44% 2015 3.85%
1984 13.88% 2000 8.05% 2016 3.65%
1985 12.43% 2001 6.97% 2017 3.99%
1986 10.19% 2002 6.54% 2018 4.54%
1987 10.21% 2003 5.83% 2019 3.94%
1988 10.34% 2004 5.84% 2020 3.10%
1989 10.32% 2005 5.87% 2021 2.96%
1990 10.13% 2006 6.41% 2022 5.34%
1991 9.25% 2007 6.34% 2023 6.81%

What is the Bank of England Base rate?

Bank of England Base Rate


For a live update on the Bank of England base rate click here

What should you do if mortgage rates go up?

If mortgage rates continue to rise, it can have a significant impact on your monthly payments and overall costs. Here are some steps you can consider:

Review your budget

Recalculate your monthly mortgage payments based on the higher rates and ensure you can comfortably afford the increased costs.

A house who's owners are looking at their mortgage

You may need to adjust your spending in other areas to accommodate the higher payments.

Consider remortgaging

If you’re on a variable rate mortgage or your fixed-rate term is nearing its end, explore remortgaging options to secure a new fixed-rate deal before rates rise further.

Locking in a new fixed rate can provide stability and predictability in your monthly payments.

Overpay your mortgage

If possible, consider making overpayments on your mortgage while rates are lower to reduce the overall interest you’ll pay over the life of the loan. Even small overpayments can make a significant difference in the long run.

Seek professional advice

Consult with a mortgage advisor or financial planner to understand your options and develop a strategy that aligns with your financial goals and circumstances. They can help you navigate the complexities of the mortgage market and make informed decisions.

What should you do if mortgage rates go down?

If mortgage rates start to decline, it could present opportunities for homebuyers and existing homeowners to save money and potentially access more favourable lending terms:

Monitor the market

Keep an eye on mortgage rate trends and be prepared to act when rates become more favourable. Subscribe to rate alerts or consult with a mortgage broker to stay informed about the latest developments.


If rates go up or down you should always consider remortgageing. If you’re on a higher-rate mortgage, consider remortgaging to a new, lower-rate deal to potentially save money on your monthly payments and overall interest costs.


Remortgaging could be particularly beneficial if you’ve built up equity in your home.

Review your budget

With lower mortgage rates, you may have more disposable income, allowing you to allocate funds towards other financial goals, such as saving for retirement, paying off debts, or making additional overpayments on your mortgage to pay it off faster.

Looking to buy or sell your property? Go with Cozee

  • Trusted estate agent
  • More than 25 years of experience combined
  • We help you focus on your objective (investment, 1st time buy)
Skyscrapers of London