Overview

• Moneyfacts reports the average UK five-year fixed rate at 4.99% and the two-year at 4.97%, both sub‑5% for the first time since 2023.
• Freddie Mac’s survey shows the U.S. 30-year fixed at 6.58% for the week of Aug. 21, with the 15-year at 5.69% and rates sitting near a 10‑month low.
• Traders put high odds on a September Fed rate cut, and markets are watching Jerome Powell’s Jackson Hole remarks for guidance on the path ahead.
• Mortgage activity is sluggish: MBA data show refinancing down 3% week over week and purchase applications roughly flat, even as 2025 volumes outpace 2024 in recent weeks.
• UK housing data complicate affordability gains, with ONS citing 3.7% annual house price growth to £269,000 and private rents up 5.9%, while lenders expand product choice to 7,031 deals.