Mortgage Rate Quiet Spell Continues: What's Behind the Lull? (20 April 2026)

Market holds its breath as lenders pause pricing updates

On 20th April 2026, there were no changes to mortgage rates by lenders. Halifax continues to maintain its position as the "rate leader", as they are now offering a 2-year fixed rate at 4.64% for borrowers with 60% loan-to-value, whilst other lenders such as Santander and HSBC doing the opposite and raising their rates. As discussed in previous blogs, borrowers are starting to see a split in the market, leaving lenders with two choices: 1) lower their rates and win some short-term business or 2) raise their rates so current customers have to pay more.

Recent movements tell a mixed story

As no changes have occurred today, the last three weeks witnessed different responses from various lenders. The latest lender to change rates was Santander on Friday, which adjusted downward all term rates and LTV rates in an unusual act of competitive pricing.

Specifically, the rates offered by the Spanish-owned bank for 60% LTV for the 2-year fixed term decreased from 4.87% to 4.75%. Similarly, the 75% LTV for the 2-year term fell by 12 basis points, from 4.98% to 4.86%. However, the most significant reduction in rates occurred for the 75% LTV tracker term rate, which fell from 5.07% to 4.86%.

On the contrary, Nationwide, which last adjusted rates on 1 April, increased most of its rates. Most notably, Nationwide raised the rate on its rate switch products more steeply than any other products. Specifically, the 2-year rate for its rate switch product for existing clients increased by 25 basis points, from 4.34% to 4.59%, for the 60% LTV rate. For five years, the increase reached 20 basis points, with the new rate being 4.69%.

The HSBC outlier position

HSBC remains notably higher than its competitors following rate increases on 27 March. The bank's 2-year fixed rate for first-time buyers sits at 5.17% at 60% LTV, significantly above Halifax's 4.64% for the same profile. HSBC's 5-year equivalent is priced at 5.18%, creating a spread of 40 basis points compared to Halifax's 4.78%. Due to this rise in rates which have resulted in an increase in monthly repayments, borrowers of HSBC have the opportunity to find a lender with better rates.

This pricing gap is particularly stark in the remortgage market, where HSBC charges 5.49% for 2-year fixes at 80% LTV compared to more competitive rates elsewhere. The bank increased rates by 60 basis points for 2-year terms and 50 basis points for 5-year products across most of its residential range.

NatWest also sits in the higher pricing tier following its 31 March update. The bank's 2-year fixed rate for new purchases starts at 4.80% at 60% LTV, while 5-year fixes begin at 4.97% for the same lending ratio.

High-LTV borrowers face limited options

Borrowers with smaller deposits continue to encounter elevated pricing and reduced product availability. Nationwide charges 5.63% for 2-year fixes at 95% LTV, with 5-year rates at 5.69% for the same lending ratio. These rates increased by 8 basis points and 15 basis points respectively in the building society's last update.

Halifax has maintained competitive positioning even at higher LTV ratios, though specific 95% LTV rates weren't updated in the most recent pricing refresh. Santander offers 90% LTV mortgages with 2-year fixes at 5.10% and 5-year rates at 5.00%, following recent reductions of 13 and 10 basis points respectively.

Base rate context shapes expectations

As of 20th April 2026, the current Bank of England rate is 3.75%, with speculation that it will stay the same. Recent articles are stating that the Bank of England is going to have "cautious approach" and not change the rate, according to Reuters. That has given lenders the opportunity to price their rates competitively, with Halifax's tracker rate of 3.96% representing a margin of just 21 basis points above base rate.

The stability in base rate expectations may be contributing to the current lull in rate changes, as lenders avoid frequent repricing while markets remain relatively settled. This gives borrowers the opportunity to review lender rates, and identify which lender meets their needs.

Product availability varies significantly

Ten-year fixed rates remain scarce, with only selected lenders offering these longer terms like LLoyds Bank and Santander, which provides 10-year fixes at 5.22% for 60% LTV borrowers, following a 15 basis point reduction in its recent update. The lack of availability for 10 year rates signifies that lenders are cautious to offering their borrowers a long-term interest rate. The lack of long-term rates gives borrowers a unique opportunity, as every few years they are regularly entering the market to find the most competitive rates for their homes.

Tracker products show more variation, with HSBC charging 4.39% at 60% LTV compared to Halifax's more competitive 3.96%. This 43 basis point difference highlights how individual lender appetite for variable rate lending can create significant pricing gaps.

Looking ahead: what could trigger changes

This state of affairs may well not persist indefinitely. Market movements in economic indicators, swap rates, and competition could all lead to lenders changing their approach. The differential between Halifax and its rivals shows that there is potential for competitors to make some moves, especially if funding costs stay low.

At the moment, borrowers are in an ideal position because although interest rates are relatively high – at least in light of the extremely low rates seen over the past few years – they have not become too expensive to obtain. Borrowers know what their borrowing will cost without having to worry about rate volatility.

To compare today’s mortgage rates across all the leading lenders, click here. To learn more about the impact of base rate on mortgage pricing, read our comprehensive guide on the Bank of England Base Rate.