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Mortgage rates this week

ended 19. January 2026

Are you expecting more lenders to cut rates this week, following Nationwide taking rates to as low as 3.50% last week? Which lenders could make their move or will they sit tight ahead of Wednesday's inflation data and Tuesday's wage growth (jobs) data?

5 responses from the Newspage community

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Editor
Darryl Dhoffer
Founder at The Mortgage Geezer
Expect a "game of two halves" this week. Nationwide’s 3.50% cut threw down the gauntlet, but rival lenders will likely sit tight until the economic data drops. Santander's recent increase, was more a controlling pipeline move.
Tuesday’s wage figures and Wednesday’s inflation (CPI) are critical. If data cools Swap rates fall and we could see aggressive cuts (potentially sub-3.50%) from the big lenders. On the other hand If data heats up, lenders will pause or pull best-buy deals. The real action happens late in the week.
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Samuel Mather-Holgate
Managing Director & IFA at Mather and Murray Financial
By the start of the summer we could be seeing mortgage rates starting with a 2. This will be great news for those due to remortgage off higher rates caused by the Ukraine invasion. With the trajectory downwards, lenders will look to shave off rates to be competitive. This will continue even before the next bank meeting to decide rates.
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Editor
Emma Jones
Managing Director at Whenthebanksaysno.co.uk
Wage growth and inflation data being published on Tuesday and Wednesday could send mortgage rates in either direction later this week. If both play ball and continue to edge down, rates could drop further, but if they nudge up, rates could head north again. It's a big week for mortgages.
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Jonathan Alvarez Herrera
Mortgage Consultant at Ayla Mortgages
There is clear downward momentum in mortgage pricing following Nationwide cutting rates as low as 3.50%. Several major lenders — including HSBC, NatWest, Halifax and Barclays — have reduced fixed rates in recent weeks as competition for new business has intensified and swap rates have eased.

That said, the market is not moving uniformly. Santander increased rates on selected fixed residential products in mid-January (effective 14 January 2026), highlighting that some lenders remain cautious and are repricing selectively.

Looking ahead, as buyer confidence and transaction volumes begin to return, some lenders may become more aggressive on pricing to capture greater market share. Whether that happens immediately will depend on this week’s wage data and Wednesday’s inflation figures. Softer data could accelerate further cuts; stronger readings may see lenders pause despite the competitive backdrop.
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Omer Mehmet
Managing Director at Trinity Finance
Two big sets of economic data this week, specifically wage growth and unemployment tomorrow, and inflation on Wednesday, could see a lot of activity in the mortgage market in the latter stages of the week — for better or for worse. Lenders will be keeping a close eye on both sets of and the outcome could be a reversal in recent rate drops or a full-blown rate war. Buckle up.