Mortgage Rates Hold Steady as Lenders Take Easter Break - Friday 3 April 2026

A Quiet Good Friday for Mortgage Rates

While most of us enjoyed the Easter break, mortgage lenders also took a breather from rate changes today. No lenders updated their pricing on Friday 3 April 2026, marking a rare pause in what's been an active week for mortgage rate movements.

This calm doesn't mean there's nothing to discuss. Several major lenders made significant rate adjustments earlier this week, with some surprising moves that caught industry watchers off guard.

This Week's Major Rate Movements

The most dramatic changes came from HSBC on 27 March, where the banking giant implemented substantial increases across their entire mortgage range. First-time buyers at 60% loan-to-value saw their 2-year fixed rates jump from 4.57% to 5.17% — a hefty 60 basis point increase. The 5-year equivalent rose by 50 basis points from 4.68% to 5.18%.

HSBC's tracker rates didn't escape either, with increases of 20 basis points across most products. For home movers at 60% LTV, tracker rates moved from 4.19% to 4.39%, while those at higher LTV bands faced similar upward pressure.

Remortgage customers bore the brunt of HSBC's repricing. At 90% LTV, 2-year fixed rates soared from 5.19% to 5.79% — a significant 60 basis point jump that will impact many borrowers looking to switch deals.

Nationwide Joins the Upward Trend

Nationwide followed suit on 1 April with increases across their range, though more modest than HSBC's aggressive repricing. The building society's first-time buyer rates at 60% LTV rose by 15 basis points for 2-year fixes (4.85% to 5.00%) and 15 basis points for 5-year deals (5.10% to 5.25%).

More concerning for high-LTV borrowers, Nationwide's 90% LTV rates saw steeper increases. First-time buyers at this level now face 5.30% for a 2-year fix (up from 5.15%) and 5.50% for a 5-year deal (previously 5.25%).

NatWest's Surprising Strategy

NatWest made notable moves on 31 March, with particularly sharp increases on their remortgage products. At 75% LTV, their 5-year fixed remortgage rate jumped by 67 basis points from 4.74% to 5.41% — one of the largest single increases we've seen recently.

New purchase rates from NatWest saw more measured increases of 28 basis points across most LTV bands. At 60% LTV, their 2-year purchase rate moved from 4.52% to 4.80%.

Current Market Leaders

Despite the week's increases, Nationwide currently offers some of the most competitive rates in the market. Their 2-year fixed rate for home movers at 60% LTV sits at 4.71% with a £999 fee, while their 5-year equivalent is priced at 4.85%.

For tracker rate enthusiasts, Halifax leads the pack at 3.96% for their best tracker deal, though this comes with the usual caveats about rate movements tracking the Bank of England base rate.

The Bigger Picture

These rate increases reflect broader market pressures. With the Bank of England base rate at 3.75%, lenders are clearly pricing in higher funding costs and potentially hedging against future rate uncertainty.

The timing is particularly challenging for borrowers. Spring traditionally sees increased mortgage activity as the property market picks up after winter, but these rate increases could dampen demand just as the market enters its busiest period.

What This Means for Different Borrower Types

First-time buyers face a particularly difficult landscape. HSBC's increases mean some products now exceed 5.40% at high LTV levels, while even Nationwide's more modest increases push rates above 5.60% for 95% LTV borrowers.

Home movers have slightly more options, with better rates available at lower LTV ratios. However, the gap between rates at 60% and 90% LTV has widened significantly following this week's changes.

Remortgage customers should act quickly. HSBC's increases were particularly sharp for remortgage products, and other lenders may follow suit after the Easter break.

Looking Ahead

The Easter break provides a natural pause in rate movements, but don't expect this calm to last. Several factors could drive further changes next week:

• Other major lenders may respond to HSBC and Nationwide's moves
• Swap rate movements over the holiday period could influence pricing
• Economic data releases scheduled for next week might impact lender confidence

For borrowers currently in the market, this quiet period offers a brief window to compare mortgages and secure applications before potential further increases. The gap between the best and worst rates continues to widen, making thorough comparison more crucial than ever.

Those with existing offers should review their terms carefully — some lenders have been known to withdraw or reprice offers during volatile periods, though formal offers typically remain valid for their stated period.