UK SONIA SWAP Rates (02/11/2026)
The latest UK money market updates. SONIA SWAP Rates are one factor in UK mortgage pricing. Understanding the latest money market rates helps identify the likely direction of buy-to-let, homebuyer and commercial mortgage rates.
UK SONIA SWAP Rate Overview
|
Latest available
|
-1 day
|
-7 days
|
-1 month
|
-1 year
|
Trend
|
|
|---|---|---|---|---|---|---|
| 2-Year | 4.671% |
4.743%
-7.2 bps
|
4.819%
-14.8 bps
|
4.682%
-1.1 bps
|
3.550%
+112.2 bps
|
|
| 5-Year | 4.685% |
4.776%
-9.0 bps
|
4.830%
-14.5 bps
|
4.766%
-8.1 bps
|
3.631%
+105.5 bps
|
|
| 10-Year | 4.806% |
4.903%
-9.8 bps
|
4.934%
-12.9 bps
|
4.958%
-15.2 bps
|
3.950%
+85.6 bps
|
|
| BoE Bank Base Rate | 3.750% |
3.750%
0.0 bps
|
3.750%
0.0 bps
|
3.750%
0.0 bps
|
4.000%
-25.0 bps
|
|
Comparisons use the latest SWAP observation on or before each target date. Changes are in basis points: 100 bps equals one percentage point. Green means higher; red means lower. Trends show monthly snapshots over the past year.
SWAP rates are indicative annual-payment estimates, not executable quotes.
What does the chart show?
The chart compares our indicative 2, 5 and 10-year SWAP rates with the BoE Bank Base Rate. Figures are percentages per year, not mortgage offers or a forecast of future rates.
A SONIA overnight-indexed SWAP exchanges a fixed interest rate for a floating return linked to SONIA, the Sterling Overnight Index Average. SWAP rates reflect market pricing over a term; BoE Bank Base Rate is the policy interest rate set by the Bank of England's Monetary Policy Committee. They can move differently. SWAP rates are one influence on fixed-rate mortgage pricing, alongside funding costs, credit risk, capital requirements, competition and lenders' margins.
We use the Bank of England's published sterling overnight-indexed SWAP yield curves. These are estimated curves fitted to market instruments, rather than a list of executable SWAP quotes. The source spreadsheets contain several curves; we use the zero-coupon spot curve, not the instantaneous forward curve. Its yields are annualised percentages expressed with continuous compounding.
Publication delays and later corrections can affect the latest available data.
A zero-coupon spot yield is not itself a par SWAP rate. We first convert each annual spot yield into a
discount factor: the value today of £1 received at that maturity. For a maturity of t years
and a spot yield z(t) expressed as a percentage:
D(t) = exp(-z(t) × t / 100)
We then calculate the fixed annual rate that balances the simplified fixed and floating legs at
inception. For a term of T years:
Indicative par rate (%) = 100 × (1 − D(T)) / (D(1) + D(2) + … + D(T))The 2-year calculation needs the 1- and 2-year spot yields; the 5-year calculation needs every annual point from years 1 to 5; the 10-year calculation needs years 1 to 10. We do not simply relabel the published 2-, 5- or 10-year spot yield as a SWAP rate.
- Our calculation assumes annual payments with one-year accrual periods.
- It does not adjust for actual day-count conventions, settlement dates, payment lags or business-day calendars.
- Missing annual inputs leave the corresponding SWAP rate unavailable; we do not interpolate them or display them as zero.
- Values are stored to 10 decimal places; chart tooltips show up to four decimal places.
These are indicative annual-payment estimates for comparing historical trends, not executable market quotes, lender funding quotes or personalised financial advice. Actual market SWAP conventions and mortgage rates differ. The Bank of England supplies the underlying data; the derived rates and this presentation are our own, not a Bank of England endorsement.
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-
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