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Mortgage Rates Diverge in UK as US Loans Dip Near 7%

Borrower costs are shifting unpredictably in the face of Bank of England base rate doubt with US rates hovering near seven percent.

In an aerial view, single-family homes on April 18, 2025, in Thousand Oaks, California.
Nationwide has cut mortgage rates as other lenders up theirs (Photo: martinrlee/Getty/iStock Editorial)
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Overview

  • Nationwide cut its two-, three- and five-year fixed mortgage rates to 3.9 percent for new and existing customers effective June 5.
  • Halifax, Santander and Accord raised selected fixed-rate products by up to 0.14 percentage points in response to higher swap rates.
  • The Bank of England kept its base rate at 4.25 percent, and Governor Andrew Bailey said future cuts remain clouded by uncertainty.
  • In the US, the average 30-year fixed mortgage rate fell to 6.85 percent according to Freddie Mac, but climbing home prices continue to strain affordability.
  • Experts advise borrowers to focus on their personal circumstances and consider locking in a new mortgage rate up to six months before a term begins.