More than 7,000 mortgage rate options for the first time since March 2026

by Aaron Strutt

Jun 09 2026

Moneyfacts UK Mortgage Trends Treasury Report data reveals overall product choice of residential mortgages has risen above 7,000 options for the first time since March 2026. The average two-year fixed rate has also fallen by its biggest monthly margin in over a year.

Mortgage product choice has seen almost 350 more options returning in the space of a month, since the start of May 2026. Choice has now climbed back to over 7,000 options for the first time since the start of March 2026.

Mortgage product churn continued throughout May; the average shelf life of a deal now stands at 15 days, one day shorter than the month prior. Lenders were catching up to re-price their deals amid the rising cost of funding increases.

Fixed mortgage rates dropped for a consecutive month, with the average two-year fixed rate seeing its biggest monthly fall in over a year (May 2025 – 0.14% drop). Since the start of May, the average two-year fixed rate fell by 0.10%, and the average five-year fell by 0.05%, to 5.68% and 5.63%. This is the second month of falls since rates shot up amid unrest over the future of interest rates.

Two-year fixed rates are now available from around the mid-4% range, five-year fixes are becoming more competitive, and there are still tracker mortgages priced below 4%.

Fixed rates are still lower than the average ‘revert to’ rate or Standard Variable Rate (SVR). The average SVR remains at 7.13%, down by 0.35% year-on-year from 7.48%. The highest recorded was 8.19% during November and December 2023.

Rachel Springall, Finance Expert at Moneyfacts, said: “Fixed rates dropped for a consecutive month, with the average two-year fixed rate seeing its biggest monthly drop in over a year of 0.10%. However, as the future path of interest rates remains unclear, it is somewhat unsurprising to see fixed rate mortgage pricing displaying mixed moves, as the average five-year fixed deal only fell by 0.05%.

"Significant volatility in interest rates caused by more global events over the shorter-term can choke the mortgage market, as UK homeowners would traditionally pick a two- or five-year fixed deal, unlike those in other countries."

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The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

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