Key Takeaway

As of Wednesday, 24 June 2026, typical two-year fixed-rate mortgages in the UK sit at approximately 4.8% to 5.2% for borrowers with a 25% deposit, while five-year fixed deals range from 4.5% to 4.9%. Tracker mortgages, which follow the Bank of England base rate, currently start around 5.0%. This week’s outlook hinges on Thursday’s inflation data and any signals from the Bank of England’s Monetary Policy Committee ahead of next month’s decision, meaning rates could shift if economic data surprises.

Current Mortgage Rates (24 June 2026)

According to recent market data compiled by MoneyHelper, average mortgage rates for purchase and remortgage products today are:

Two-year fixed-rate mortgages: 4.8% to 5.2% (60% to 75% loan-to-value), rising to 5.4% to 5.8% at higher LTVs (85% to 95%).

Five-year fixed-rate mortgages: 4.5% to 4.9% (60% to 75% LTV), and 5.1% to 5.5% at higher LTVs. Five-year deals typically offer lower rates than two-year products, reflecting lender pricing of the longer-term risk.

Tracker mortgages: Starting from 5.0% to 5.3% (base rate plus margin). With the Bank of England base rate currently at 4.5%, tracker deals add a margin of 0.5% to 0.8% above base, meaning your rate moves in line with Bank of England decisions.

Standard variable rate (SVR): Typically 6.5% to 7.5%, the reversion rate lenders charge once your initial deal period ends. Avoid staying on SVR by remortgaging before your fixed or tracker term finishes.

Rates as of June 2026. Rates change frequently; verify current terms with an FCA-authorised lender or adviser before deciding.

What Has Been Happening to Rates?

Mortgage rates have held relatively steady over the past month, with minor fluctuations driven by expectations around the Bank of England’s monetary policy. Following the Bank’s decision to hold the base rate at 4.5% in May 2026, lenders have kept pricing stable, though some have trimmed five-year fixed rates by 5 to 10 basis points to remain competitive. Affordability standards continue to be monitored, and lenders remain cautious about economic uncertainty.

Will Rates Rise or Fall This Week?

The direction of mortgage rates this week depends on two key factors:

Read also: Mortgage and Refinance Interest Rates in the UK, Wednesday 3 June 2026: Rates Reverse Course and Rise

Thursday’s inflation figures: The Office for National Statistics releases May 2026 CPI data on Thursday. If inflation comes in higher than the 2.3% forecast, swap rates (which underpin fixed-rate pricing) could rise, pushing fixed deals up by 5 to 15 basis points. Lower-than-expected inflation could trigger modest rate cuts.

Bank of England signals: While the next Monetary Policy Committee meeting is not until July, any comments from policymakers this week could shift market expectations. If officials hint at a potential base rate cut in the summer, tracker margins may tighten and fixed rates could dip.

Most analysts quoted by Which? expect rates to move sideways this week unless inflation data surprises significantly.

What This Means for Borrowers

If you are remortgaging or purchasing, lock in a rate now if you are within three to six months of needing the mortgage. Most lenders offer rate guarantees for 60 to 90 days, protecting you if rates rise while your application completes. If your current deal ends soon and you are reverting to SVR, switching to a new fixed or tracker deal could save you hundreds of pounds per month.

For those on a tracker, your rate moves with the Bank of England base rate. Monitor base rate decisions and consider switching to a fixed deal if you want payment certainty.

Important Information

This information is general educational guidance, not regulated mortgage advice, and not personalised financial or lending advice. Refisage is not authorised by the Financial Conduct Authority. Rates, eligibility, fees, and product availability vary by lender, product, and your personal circumstances. Verify current terms with an FCA-authorised mortgage adviser or lender before making any decisions.

Your home may be repossessed if you do not keep up repayments on your mortgage.

For personalised guidance on which mortgage product suits your situation, consider speaking to an FCA-authorised mortgage adviser or consult MoneyHelper for free, impartial support.