In February 2022, the 10-year fixed mortgage rate was at its lowest at 2.2 percent. Since 2009, mortgage rates in the United Kingdom have been on a downward trend, which is a good news for first-time home buyers and those remortgaging their property. With inflation increasing, however, the Bank of England has started to gradually increase the bank rate in 2022, resulting in an uptick in mortgage rates. Although the rise affects borrowing costs negatively, it is also likely to curb demand for housing and slow down the surge of house prices observed since the beginning of the pandemic.
For anyone trying to obtain a mortgage, they will want the lowest possible rates. For the lender, they will want to attract as many borrowers as possible by staying competitive, all the while trying to manage their risks with appropriate rates. In 2020, the top three mortgage lenders in the UK accounted for over 40 percent of the market.
Average interest rates for mortgages in the United Kingdom (UK) from March 2000 to February 2022, by type of mortgage
Characteristic
2 year fixed rate mortgages
3 year fixed mortgage
5 year fixed mortgage
10 year fixed
2 year variable
Mar '00
6.45%
6.7%
6.94%
6.54%
5.86%
Jun '00
6.46%
6.6%
6.87%
6.69%
5.97%
Sep '00
6.31%
6.56%
6.7%
6.98%
5.87%
Dec '00
6.03%
6.23%
6.2%
6.99%
5.76%
Mar '01
5.68%
5.95%
5.91%
5.89%
5.49%
Jun '01
5.72%
5.84%
5.93%
5.99%
5.15%
Sep '01
5.39%
5.68%
5.77%
5.89%
4.62%
Dec '01
4.98%
5.39%
5.65%
5.59%
4.15%
Mar '02
5.22%
5.62%
5.79%
5.79%
3.91%
Jun '02
5.41%
5.7%
5.81%
5.77%
4.06%
Sep '02
4.5%
4.91%
5.06%
5.46%
3.93%
Dec '02
4.62%
5.04%
5.1%
5.76%
4.22%
Mar '03
4.06%
4.59%
4.76%
5.22%
3.92%
Jun '03
3.85%
4.2%
4.36%
4.94%
3.75%
Sep '03
4.56%
5.02%
5.05%
5.69%
3.61%
Dec '03
5.05%
5.4%
5.53%
5.55%
3.88%
Mar '04
4.9%
5.23%
5.39%
5.79%
4.23%
Jun '04
5.52%
5.93%
5.87%
6.15%
4.65%
Sep '04
5.33%
5.63%
5.79%
6.09%
4.98%
Dec '04
5.07%
5.28%
5.37%
5.65%
4.91%
Mar '05
5.2%
5.24%
5.28%
5.62%
4.82%
Jun '05
4.77%
5%
4.92%
5.21%
4.87%
Sep '05
4.52%
4.88%
4.82%
5.11%
4.59%
Dec '05
4.74%
4.86%
5%
5.24%
4.61%
Mar '06
4.72%
5.05%
4.98%
4.99%
4.66%
Jun '06
5%
5.2%
5.34%
5.52%
4.59%
Sep '06
5.1%
5.33%
5.39%
5.43%
4.9%
Dec '06
5.15%
5.32%
5.49%
5.4%
5.11%
Mar '07
5.55%
5.78%
5.73%
5.65%
5.43%
Jun '07
5.98%
6.12%
6.1%
5.97%
5.63%
Sep '07
6.05%
6.47%
6.19%
6%
5.7%
Dec '07
6.06%
6.22%
5.97%
5.93%
5.75%
Mar '08
5.8%
5.69%
5.7%
5.77%
5.9%
Jun '08
6.6%
6.39%
6.4%
6.46%
6.04%
Sep '08
5.96%
5.86%
5.84%
6.04%
5.94%
Dec '08
4.77%
5.11%
5.28%
5.72%
4.7%
Mar '09
3.98%
4.41%
4.95%
5.65%
3.64%
Jun '09
4.45%
4.86%
5.54%
6.28%
3.47%
Sep '09
4.47%
4.82%
5.69%
2.59%
2.14%
Dec '09
4.05%
4.84%
5.67%
-
3.31%
Mar '10
3.92%
4.68%
5.5%
-
3%
Jun '10
3.67%
4.46%
5.35%
-
3.06%
Sep '10
3.8%
4.33%
5.04%
-
2.99%
Dec '10
3.5%
4.15%
4.76%
-
2.96%
Mar '11
3.68%
4.44%
5.1%
-
2.9%
Jun '11
3.36%
4.31%
4.9%
-
2.76%
Sep '11
2.92%
3.58%
3.98%
-
2.73%
Dec '11
3.22%
3.63%
4.06%
-
3.02%
Mar '12
3.44%
3.91%
4.19%
-
3.26%
Jun '12
3.74%
4.09%
4.3%
-
3.53%
Sep '12
3.67%
4.05%
4.07%
-
3.52%
Dec '12
3.35%
3.67%
3.91%
-
3.44%
Mar '13
2.9%
3.3%
3.63%
-
3.08%
Jun '13
2.63%
2.95%
3.41%
-
2.91%
Sep '13
2.54%
2.91%
3.4%
-
2.97%
Dec '13
2.4%
2.9%
3.34%
-
2.77%
Mar '14
2.37%
2.97%
3.48%
-
2.68%
Jun '14
2.6%
3.01%
3.69%
-
2.71%
Sep '14
2.46%
2.94%
3.61%
4.06%
2.44%
Dec '14
2.08%
2.89%
3.21%
4%
1.6%
Mar '15
1.99%
2.63%
2.98%
3.47%
1.56%
Jun '15
1.83%
2.54%
2.82%
3.24%
1.66%
Sep '15
1.91%
2.4%
2.84%
3.35%
1.74%
Dec '15
1.9%
2.26%
2.75%
3.36%
1.78%
Mar '16
1.9%
2.14%
2.7%
3.19%
1.67%
Jun '16
1.75%
2.13%
2.54%
3.1%
1.62%
Sep '16
1.59%
1.92%
2.34%
2.84%
1.54%
Dec '16
1.45%
1.79%
2.26%
2.98%
1.48%
Mar '17
1.37%
1.68%
2.15%
2.8%
1.42%
Jun '17
1.48%
1.7%
1.99%
2.82%
1.42%
Sep '17
1.4%
1.6%
1.9%
2.72%
1.46%
Dec '17
1.57%
1.7%
2.07%
2.66%
1.69%
Mar '18
1.53%
1.77%
2.02%
2.76%
1.58%
Jun '18
1.74%
1.8%
2.03%
2.74%
1.56%
Sep '18
1.71%
1.81%
2.01%
2.68%
1.68%
Dec '18
1.73%
1.81%
2.01%
2.64%
1.7%
Mar '19
1.7%
1.8%
2.03%
2.56%
1.61%
Jun '19
1.64%
1.77%
1.97%
2.59%
1.6%
Sep '19
1.55%
1.66%
1.79%
2.58%
2.03%
Dec '19
1.42%
1.54%
1.67%
2.47%
1.94%
Mar '20
1.4%
1.56%
1.66%
2.36%
2.37%
Jun '20
1.41%
1.62%
1.69%
2.4%
1.66%
Sep '20
1.75%
1.88%
1.92%
2.39%
1.63%
Dec '20
1.86%
2.04%
2%
2.53%
2.19%
Mar '21
1.56%
1.71%
1.74%
2.55%
1.91%
Jun '21
1.39%
1.66%
1.6%
2.59%
2.24%
Sep '21
1.2%
1.18%
1.29%
2.6%
2.1%
Dec '21
1.57%
1.39%
1.59%
2.44%
1.65%
Feb '22
1.76%
1.79%
1.79%
2.22%
1.94%
Zoomable Statistic: Select the range in the chart you want to zoom in on.
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 2 year (75% LTV) fixed rate mortgage to households (in percent) not seasonally adjusted
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 3 year (75% LTV) fixed rate mortgage to households (in percent) not seasonally adjusted.
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 5 year (75% LTV) fixed rate mortgage to households (in percent) not seasonally adjusted.
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 10 year (75% LTV) fixed rate mortgage to households (in percent) not seasonally adjusted.
Monthly interest rate of UK monetary financial institutions (excl. Central Bank) sterling 2 year (75% LTV) variable rate mortgage to households (in percent) not seasonally adjusted.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Statista Accounts:
Access All Statistics. Starting from $468 / Year
Learn more about how Statista can support your business.
Bank of England. (April 4, 2022). Average interest rates for mortgages in the United Kingdom (UK) from March 2000 to February 2022, by type of mortgage [Graph]. In Statista. Retrieved May 26, 2022, from https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/
Bank of England. "Average interest rates for mortgages in the United Kingdom (UK) from March 2000 to February 2022, by type of mortgage." Chart. April 4, 2022. Statista. Accessed May 26, 2022. https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/
Bank of England. (2022). Average interest rates for mortgages in the United Kingdom (UK) from March 2000 to February 2022, by type of mortgage. Statista. Statista Inc.. Accessed: May 26, 2022. https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/
Bank of England. "Average Interest Rates for Mortgages in The United Kingdom (Uk) from March 2000 to February 2022, by Type of Mortgage." Statista, Statista Inc., 4 Apr 2022, https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/
Bank of England, Average interest rates for mortgages in the United Kingdom (UK) from March 2000 to February 2022, by type of mortgage Statista, https://www.statista.com/statistics/386301/uk-average-mortgage-interest-rates/ (last visited May 26, 2022)
