Swap rates today
UK SONIA swap rates from 2 to 10 years, updated each business day, and what they mean for fixed mortgage rates.
These figures show what financial markets are pricing, worked out from Bank of England data. They are not our forecast and not financial advice.
Curve date 14 October 20262-year 4.75%5-year 4.81%
On 14 October 2026 the 2-year SONIA swap rate was 4.75% and the 5-year 4.81%, up 0.03 and up 0.03 points respectively over the past month.
What are swap rates today, and how have they moved?
2-year 4.75%, 3-year 4.79%, 5-year 4.81% and 10-year 4.99%, on 14 October 2026.
Why are fixed rates moving when Bank Rate hasn't?
Bank Rate has been 3.75% since 18 December 2025. Since then the 2-year swap rate has gone from 3.54% to 4.75% and the 5-year from 3.70% to 4.81%. Fixed mortgage rates follow swap rates, so they can move while Bank Rate stands still.
- Bank Rate
- 2-year swap
- 5-year swap
How have swap rates changed since 2022?
Since 4 January 2022 the 2-year swap rate has ranged from 1.04% to 6.31%; it is 4.75% now.
| Month | 2-year | 3-year | 5-year | 10-year |
|---|---|---|---|---|
| October 2026 (to 14 Oct) | 4.75% | 4.79% | 4.81% | 4.99% |
| September 2026 | 4.75% | 4.80% | 4.84% | 5.04% |
| August 2026 | 4.36% | 4.41% | 4.47% | 4.73% |
| July 2026 | 4.32% | 4.36% | 4.43% | 4.69% |
| June 2026 | 4.06% | 4.07% | 4.11% | 4.38% |
| May 2026 | 4.11% | 4.11% | 4.16% | 4.43% |
| April 2026 | 4.35% | 4.32% | 4.34% | 4.60% |
| March 2026 | 4.25% | 4.21% | 4.19% | 4.44% |
| February 2026 | 3.37% | 3.40% | 3.54% | 3.91% |
| January 2026 | 3.55% | 3.63% | 3.79% | 4.16% |
| December 2025 | 3.52% | 3.56% | 3.68% | 4.03% |
| November 2025 | 3.53% | 3.55% | 3.65% | 3.98% |
| October 2025 | 3.55% | 3.55% | 3.63% | 3.95% |
| September 2025 | 3.80% | 3.80% | 3.87% | 4.19% |
| August 2025 | 3.77% | 3.77% | 3.85% | 4.22% |
| July 2025 | 3.70% | 3.69% | 3.76% | 4.10% |
| June 2025 | 3.65% | 3.62% | 3.68% | 4.02% |
| May 2025 | 3.87% | 3.84% | 3.89% | 4.17% |
| April 2025 | 3.62% | 3.58% | 3.64% | 3.96% |
| March 2025 | 4.09% | 4.05% | 4.04% | 4.21% |
| February 2025 | 4.05% | 3.98% | 3.93% | 4.02% |
| January 2025 | 4.11% | 4.02% | 3.96% | 4.04% |
| December 2024 | 4.30% | 4.20% | 4.08% | 4.11% |
| November 2024 | 4.15% | 4.01% | 3.86% | 3.82% |
| October 2024 | 4.30% | 4.20% | 4.08% | 4.04% |
| September 2024 | 3.93% | 3.78% | 3.64% | 3.65% |
| August 2024 | 4.14% | 3.96% | 3.77% | 3.72% |
| July 2024 | 4.30% | 4.05% | 3.78% | 3.70% |
| June 2024 | 4.54% | 4.29% | 4.01% | 3.90% |
| May 2024 | 4.76% | 4.51% | 4.22% | 4.06% |
| April 2024 | 4.81% | 4.59% | 4.29% | 4.12% |
| March 2024 | 4.44% | 4.15% | 3.84% | 3.69% |
| February 2024 | 4.63% | 4.37% | 4.06% | 3.87% |
| January 2024 | 4.26% | 3.95% | 3.67% | 3.61% |
| December 2023 | 4.06% | 3.71% | 3.40% | 3.31% |
| November 2023 | 4.80% | 4.52% | 4.22% | 4.06% |
| October 2023 | 5.03% | 4.81% | 4.55% | 4.41% |
| September 2023 | 5.19% | 4.95% | 4.64% | 4.39% |
| August 2023 | 5.56% | 5.26% | 4.82% | 4.35% |
| July 2023 | 5.69% | 5.37% | 4.86% | 4.29% |
| June 2023 | 6.03% | 5.73% | 5.15% | 4.41% |
| May 2023 | 5.12% | 4.86% | 4.50% | 4.13% |
| April 2023 | 4.56% | 4.32% | 4.02% | 3.71% |
| March 2023 | 4.31% | 4.10% | 3.80% | 3.44% |
| February 2023 | 4.64% | 4.43% | 4.09% | 3.76% |
| January 2023 | 4.09% | 3.87% | 3.62% | 3.40% |
| December 2022 | 4.50% | 4.37% | 4.12% | 3.78% |
| November 2022 | 4.40% | 4.20% | 3.85% | 3.38% |
| October 2022 | 4.59% | 4.53% | 4.29% | 3.84% |
| September 2022 | 5.47% | 5.43% | 5.10% | 4.47% |
| August 2022 | 3.92% | 3.75% | 3.38% | 3.00% |
| July 2022 | 2.50% | 2.37% | 2.20% | 2.04% |
| June 2022 | 2.64% | 2.60% | 2.49% | 2.34% |
| May 2022 | 2.36% | 2.37% | 2.28% | 2.15% |
| April 2022 | 2.23% | 2.24% | 2.11% | 1.93% |
| March 2022 | 1.99% | 2.01% | 1.87% | 1.65% |
| February 2022 | 1.56% | 1.60% | 1.51% | 1.39% |
| January 2022 | 1.34% | 1.40% | 1.35% | 1.24% |
Are swap rates unusually volatile?
The 2-year swap rate's typical daily move over the last month is 6.3bp. That is at or above the level on 51% of days since January 2022 (a period that includes the 2022 mini-budget) and 57% of days in the last 12 months.
The 5-year swap rate's typical daily move over the last month is 5.6bp. That is at or above the level on 38% of days since January 2022 (a period that includes the 2022 mini-budget) and 57% of days in the last 12 months.
What does the swap curve say about 2-year vs 5-year fixes?
5-year swap rates are 0.06 points above 2-year rates, so markets are pricing higher average rates over five years than over two.
- Today (14 October 2026)
- A month ago (14 September 2026)
- A year ago (14 October 2025)
Weighing up the two? Our 2-year vs 5-year fixed mortgage guide covers fees, flexibility and early repayment charges.
What does this mean for fixed mortgage rates?
Fixed mortgage rates follow swap rates, usually with a delay of days or weeks. When swap rates rise and margins narrow, lenders tend to raise fixed rates; when swap rates fall and margins widen, there is room for cuts.
For journalists and researchers
Free to use with credit. Our figures are published under CC BY 4.0: please credit "Mortgage Compare, contains Bank of England data" and link to this page.
Source: Mortgage Compare analysis of Bank of England data, 14 October 2026, https://mortgage-compare.uk/swap-ratesHow we work this out
Swap rates
A SONIA swap exchanges a fixed rate for the overnight SONIA rate over a set period. The fixed rate that makes the swap fair is the par swap rate — the figure usually quoted as "the 2-year swap rate". We work it out from the Bank of England's fitted OIS curve, assuming the fixed side pays once a year. Our figures are estimates: they are calculated from the Bank of England's fitted curve rather than taken from a trading screen, so they can differ from dealer quotes and other published swap rates.
Volatility
The typical daily move is the standard deviation of daily changes over the last 21 business days. We compare it with every 21-day period since January 2022 — which includes the 2022 mini-budget — and with the last 12 months.
Sources and licence
Bank of England, UK OIS spot and instantaneous forward curves (yield curve data). Bank of England Statistical Interactive Database: SONIA (IUDSOIA) and Bank Rate (IUDBEDR). Mortgage Compare, contains Bank of England data. Licence: CC BY 4.0.
Frequently asked questions
Swap rates and how they feed through to fixed mortgage rates.
01What is the 5-year swap rate today?
02What are swap rates?
03Why do swap rates move mortgage rates?
Working in mortgages or finance? Swap rates, lender pricing against them and the full history are available through our data and analytics service.