Market Movements
Weekend Mortgage Rate Roundup: Saturday 4 April 2026 - Market Stability After Recent Lender Moves
No rate changes today, but recent moves from HSBC, Nationwide and NatWest reveal a market under pressure. HSBC delivered the biggest shocks with 60 basis point increases, while Nationwide took a more measured approach to repricing.
Saturday brings a quiet day for mortgage rate watchers, with no lenders updating their pricing today. However, the past week has delivered a fascinating mixed bag of moves that paint a complex picture of where the mortgage market is heading.
The Week That Was: Rate Moves Tell Different Stories
While today's silence might suggest market stability, recent days have seen lenders pulling in opposite directions. The most striking contrast? HSBC pushing rates significantly higher just over a week ago, while Nationwide made more modest upward adjustments this week.
HSBC's aggressive repricing on 27 March saw substantial increases across their entire range. Their 2-year fixed rates jumped by 60 basis points, with their 60% LTV first-time buyer deal moving from 4.57% to 5.17%. Even more dramatic was their remortgage pricing at higher LTVs - their 90% LTV 2-year rate shot up from 5.19% to 5.79%, a punishing 60 basis point hike.
The bank didn't spare existing customers either. Their borrowing more and switching products saw increases of 40 basis points on 2-year deals and 30 basis points on 5-year terms. For existing customers at 60% LTV, 2-year rates climbed from 4.29% to 4.69%.
Nationwide's Measured Response
In contrast, Nationwide's adjustments on 1 April were more restrained but still significant. Their changes focused heavily on their Rate Switch products, with some of the largest increases hitting existing borrowers looking to move deals.
Rate Switch customers at 75% LTV saw 2-year rates rise from 4.46% to 4.71% - a 25 basis point jump. The building society also lifted their remortgage rates, with 90% LTV deals seeing 2-year rates increase from 5.01% to 5.26%.
Interestingly, Nationwide's first-time buyer rates saw more modest increases. Their 95% LTV 2-year deal crept up just 8 basis points from 5.55% to 5.63%, suggesting they're still competing hard for new customers despite tightening elsewhere.
NatWest Joins the Upward Trend
NatWest's repricing on 31 March delivered some of the week's most substantial increases. Their remortgage customers bore the brunt, with 75% LTV 5-year deals soaring from 4.74% to 5.41% - a hefty 67 basis point rise.
The bank's tracker rates also saw significant movement, with their 60% LTV remortgage tracker jumping from 4.35% to 4.73%. Even their new purchase rates couldn't escape the upward pressure, with increases of 28 basis points across most terms and LTV bands.
Where the Market Stands Today
With the Bank of England base rate holding at 3.75%, these lender moves suggest pricing pressures beyond monetary policy. Funding costs, competition for deposits, and risk appetite all appear to be driving decisions.
Current market leaders show the competitive landscape remains fragmented. Nationwide holds the best 2-year rate at 4.71% for 60% LTV home movers, while their 5-year equivalent sits at 4.85%. For 10-year fixes, they're also leading at 5.19%.
Tracker rate leadership belongs to Halifax at 3.96%, though this rate hasn't featured in recent changes, suggesting it may not remain competitive for long given the broader upward momentum.
What Recent Moves Mean for Borrowers
The pattern emerging from recent weeks suggests lenders are becoming more selective about risk and pricing accordingly. Higher LTV borrowers are facing the steepest increases, while those with larger deposits are seeing more modest adjustments.
HSBC's dramatic increases, particularly on remortgage products, may signal concerns about economic outlook or funding pressures. Their decision to raise existing customer rates substantially suggests they're prioritising profitability over retention in certain segments.
Nationwide's more measured approach, with lower increases for first-time buyers, indicates continued appetite for new business while managing margins elsewhere. Their Rate Switch increases suggest existing customers are being asked to pay more for the convenience of staying put.
Looking Ahead: Signs to Watch
With several major lenders yet to update rates this week, Monday could bring fresh movement. Santander last updated on 29 March, while Barclays made changes on 2 April.
The direction of future moves may depend on upcoming economic data and any signals from the Bank of England about future base rate intentions. However, the recent pattern of selective increases suggests lenders are already positioning for a potentially challenging period ahead.
For borrowers currently in the market, the message is clear: rates are trending upward, and the pace of increases is accelerating. Those able to secure deals quickly may benefit from acting sooner rather than later.
Use our mortgage comparison tool to find the best current rates across all lenders, and consider speaking with a broker to navigate the increasingly complex pricing landscape.
Frequently Asked Questions
Why are mortgage rates rising when the base rate hasn't changed?
Mortgage rates are influenced by multiple factors beyond the Bank of England base rate, including lender funding costs, competition for deposits, regulatory requirements, and economic outlook. Recent increases suggest lenders are facing higher costs or taking a more cautious approach to risk pricing.
Which lenders have increased rates most recently?
HSBC made the largest increases on 27 March with 60 basis point rises on most fixed rates. Nationwide followed on 1 April with more modest increases, while NatWest raised rates on 31 March, with some 5-year deals rising by 67 basis points.
Are higher LTV mortgages being affected more than lower LTV deals?
Yes, borrowers with smaller deposits are seeing larger rate increases. HSBC's 90% LTV remortgage rate jumped from 5.19% to 5.79%, while their 60% LTV equivalent rose from 4.58% to 5.18% - still significant but smaller in absolute terms.
Should I fix my mortgage rate now or wait for potential falls?
Recent trends show rates moving upward across multiple lenders, with increases accelerating. While future movements are unpredictable, the current pattern suggests waiting may result in higher rates. Consider your personal circumstances and risk tolerance when deciding.
Which lenders currently offer the best mortgage rates?
Nationwide currently leads with 2-year rates from 4.71% and 5-year rates from 4.85% for home movers at 60% LTV. Halifax offers the best tracker at 3.96%. However, rates change frequently, so it's essential to check current pricing and eligibility requirements.