The Bank of England base rate is 3.75%, held at every Monetary Policy Committee meeting in 2026 so far, most recently on a 7-2 vote at the meeting ending 17 June 2026. It fell to a 0.1% low in March 2020, peaked at 5.25% in August 2023, then fell in six quarter-point cuts to 3.75% by December 2025.

A citable statistics roundup of the Bank of England base rate cycle since 2020 and where average UK mortgage rates stand today. Every figure is drawn from a named public source, linked at first mention.

How has the Bank of England base rate moved since 2020?

The base rate, formally Bank Rate, is set by the Bank of England's Monetary Policy Committee (MPC) and is the single biggest driver of UK borrowing costs over time. The Bank publishes the full rate history in its official database. The headline moves over the past six years:

  • March 2020: cut to 0.1% as an emergency measure at the start of the coronavirus pandemic, an all-time low.
  • December 2021: raised to 0.25%, the first increase of the tightening cycle, as inflation began to rise.
  • 2022 and 2023: a further series of increases as the MPC worked to bring down double-digit inflation.
  • August 2023: Bank Rate peaked at 5.25%, its highest level since 2008, and was held there for around a year.
  • August 2024: the MPC cut Bank Rate to 5%, the first reduction of the easing cycle and the start of a run of quarter-point cuts.
  • December 2025: the MPC cut Bank Rate to 3.75%, completing a 1.5 percentage point reduction from the August 2023 peak across six quarter-point steps.
  • 2026 to date: Bank Rate has been held at 3.75% at every meeting so far, most recently at the meeting ending 17 June 2026 on a 7-2 vote, with two members preferring a 0.25 point rise. The next decision is due on 30 July 2026.

Bank Rate has fallen 1.5 percentage points from its 2023 peak of 5.25%, and has been held at 3.75% at every Monetary Policy Committee meeting so far in 2026.

Where do average UK mortgage rates stand today?

Bank Rate sets the direction of travel, but fixed mortgage pricing moves separately, off swap rates and lender competition. Moneyfacts publishes widely cited averages of quoted mortgage rates, and its data reported on 13 July 2026 showed:

  • The average two-year fixed mortgage rate fell 0.16 percentage points over the month to 5.52%, its lowest level since the start of March 2026.
  • The average five-year fixed mortgage rate fell 0.11 percentage points over the same period, also settling at 5.52%.
  • Both falls were the largest single-month reduction in average fixed pricing since October 2024.
  • The average standard variable rate (SVR) stood at 7.13%, unchanged on the month and down from 7.42% a year earlier.

Rates vary by loan to value (LTV) as well as by term. Borrowers with smaller deposits pay more than borrowers with larger equity, and that gap widens or narrows as lenders reprice their ranges.

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Does a base rate hold mean fixed mortgage rates stay still?

No. Fixed rates are priced mainly off swap rates, which move on interest rate expectations rather than the current Bank Rate, so fixed pricing can fall or rise between MPC meetings even when Bank Rate is held. Tracker and variable products move directly and immediately with Bank Rate changes. The July 2026 Moneyfacts data above is a live example: fixed pricing fell while Bank Rate stayed at 3.75%.

What does this mean if you are buying or remortgaging?

A hold is not a standstill. An offer available this month is not automatically the same as an offer available next month, so anyone with a fixed rate ending soon benefits from starting the process early rather than waiting for a specific Bank decision. Most lenders let you secure a rate three to six months before completion. Our remortgage calculator shows the break-even point once fees are included.

For anyone applying from outside the UK, the same data carries one extra layer. A borrower managing repayments while earning in a foreign currency already holds currency exposure, which is part of why most choose a fixed product, and why remortgaging from abroad rewards an early start even more.

Where do the figures on this page come from?

This page is for general information only and is not financial advice. Figures are third-party data compiled by Mortgage One. We do not control or guarantee their ongoing accuracy, and each source may revise its own figures over time. Mortgage rates change frequently. Always check the original source, or speak to a broker, for the current position before relying on a specific number.

If your fixed rate ends in the next six months, the timing question is live now, not at the next Bank decision. Tell us your situation and we will respond the same working day.

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Common questions

What is the Bank of England base rate right now?

Bank Rate is 3.75%, held on a 7-2 vote at the Monetary Policy Committee meeting ending 17 June 2026. It has been held at that level since the last cut in December 2025.

How much has the base rate fallen from its recent peak?

1.5 percentage points, from the post-2008 peak of 5.25% in August 2023 to 3.75% by December 2025, across six quarter-point cuts in the easing cycle that began in August 2024.

What was the lowest base rate on record?

0.1%, an emergency setting introduced in March 2020 in response to the coronavirus pandemic and held until the Bank began raising rates in December 2021.

What is the average UK mortgage rate today?

The average two-year and five-year fixed rates both stood at 5.52% on 13 July 2026, according to Moneyfacts, their lowest level since the start of March 2026 and the largest single-month fall in fixed pricing since October 2024.

Does a base rate hold mean fixed mortgage rates stay still too?

No. Fixed rates are priced mainly off swap rates, which move on expectations rather than the current Bank Rate, so fixed pricing can move between MPC meetings. Tracker and variable mortgages move directly with Bank Rate changes.

When is the next Bank of England base rate decision?

30 July 2026, alongside a new Monetary Policy Report. The Monetary Policy Committee meets eight times a year.

Where do the figures on this page come from?

Every figure is drawn from a named public source: the Bank of England for Bank Rate history and MPC decisions, and Moneyfacts for average quoted mortgage rates. Each is linked at first mention.

Can I cite or link to this page?

Yes. This page exists as a citable reference. Please link back to this page as your source if you use the figures elsewhere.

Related

Expat remortgage Switching rate or raising capital on a UK property from abroad. Remortgage calculator Find the break-even point once fees are included. Foreign currency income mortgage Borrowing when you are paid in a currency other than sterling. Mortgage Library Every Mortgage One guide and calculator in one place.

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