Lenders are changing interest rates on mortgage deals on average every 16 days in 2026 in response to “volatile” funding costs a new report from Moneyfacts claims.
Sustained volatility has been driven by “significant movements in swap rates” prompting lenders to “repeatedly reprice or withdraw products” said the financial comparison group.
Figures drawn from the Moneyfacts UK Mortgage Trends Treasury Report showed that while figures remain “well above” the record low of eight days recorded in April, due to the initial impact of the US-Iran conflict, more recently in October the average length of time fell to 13 days, down from 14 days in September. From an average shelf-life of 43 days in 2019, so far in 2026 that figure is 16 days. .
Adam French, head of consumer finance at Moneyfacts, said: “Brokers and borrowers are navigating the most challenging mortgage market in modern records. Not only have rates been jumping up and down but the deals available today may not be here tomorrow either.
“That leaves borrowers with a much tighter window in which to find, compare and secure a competitive deal compared to any other on record.”
This week property portal Rightmove said interest rates had risen to 5.55%, from 5.29% last month and 4.25% before the war in Iran started, adding around £250 a month to the cost of a typical new mortgage since February. As a result explained Colleen Babcock of Rightmove, higher mortgage costs are putting pressure on affordability even in markets with lower property prices, affecting the areas and types of property that buyers can afford.
There is evidence the upcoming Autumn budget is adding “a layer of uncertainty to decision-making” said the portal, particularly amongst first time buyers awaiting the detail of the Your First Home scheme, the successor to Help to Buy.
This year “stands alone” Adam French, head of consumer finance at Moneyfacts, said.
“Each rumour of reconciliation or sudden escalation has influenced swap rates which in turn influence the cost of funding fixed-rate mortgages.
“Lenders have little choice but to reprice their deals or withdraw them altogether when those costs change. Brokers have been working hard to help borrowers navigate this fast-moving market, but it is a tough time for consumers to make confident decisions.
“A borrower who finds a competitive deal may find it has been withdrawn before they are ready to press ahead, while those who delay could face a different rate when they return to the market.”
Ian Harris, president of NAEA Propertymark said the latest figures highlight how “challenging” the market has become.
Harris said: “For borrowers, the key is to be prepared and seek advice early, particularly if their current fixed-rate deal is coming to an end.
“While it is difficult to predict where rates will go next, speaking to a mortgage broker can help borrowers understand their options and secure a suitable deal before it disappears. Crucially, decisions should be based on overall cost, affordability and individual circumstances, rather than simply chasing the lowest headline rate or trying to time the market.”
