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Mortgage rates today

ended 10. April 2025

A journalist at The Sun has asked for comments on whether we're likely to see more lenders announce cuts this week or if the Trump pause could see swaps rise again? What's going to happen and what are you expecting today and tomorrow? Deadline is ASAP. Videos responses also welcomed.

8 responses from the Newspage community

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Elliott Culley
Director at Switch Mortgage Finance
Since the tariff speech occured, most mortgage lenders have shown caution and have not reduced rates too hastily. This is because there is so much uncertainty on what will happen next. Mortgage lenders will find it difficult to make any concrete decisions on mortgage rates when the outlook is so uncertain. At the current time I wouldn't expect many lenders to reduce their rates until we see some consistency.
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Hannah Bashford
Director at Model Financial Solutions
Although we saw some very optimistic steps towards rates under 4% by Coventry yesterday, very few other lenders have yet to follow suit. With such volatility in the market, lenders are understandably taking a wait-and-see approach, especially the bigger ones. Depending on their own structure for lending, lenders could find themselves with expensive money being lent at a lower interest rate if everyone piles in and this would not be good for business. We may see swap rates, which fixed rate mortgages are priced off, start to edge up a bit again but in the current market nothing is certain.
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Riz Malik
Independent Financial Adviser at R3 Wealth
Trump may have giveth and then taken away. Some of the reductions in the market that determine fixed rate pricing are expected to reverse following Trump's reversal on his tariffs. However, what the past few days has shown us is that one man moves markets and we could expect more volatility for the remainder of his term. Things ain't over yet!
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Justin Moy
Managing Director at EHF Mortgages
The majority of High Street mortgage lenders have held off passing on any potential rate cuts, likely to see if the Trump Tariff situation was very short-term, or going to have a long-term effect on our economy. The change of position last night from President Trump may cause an increase in Swap prices, and lenders might let this pass relatively quietly. It just shows that inflation is not the only driver of our rates and that the world's economy can be just as important to follow. As ever, early action is always recommended via your broker.
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Jack Tutton
Director at SJ Mortgages
There is no one more unpredictable than Trump and what markets don’t like is unpredictability. Given the impacts to his tariffs over the last week, it was nailed on that lenders would make wide scale cuts due to the reductions we have seen in the cost of borrowing. However, the pause is a complete U-turn and we are likely to see SWAP rates rise again. Lenders will not look to make any significant changes to their products until they have greater confidence and certainty in the market.
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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
The Trump rollercoaster continues. After a tumultuous week that saw swaps nosedive and some lenders reduce their mortgage rates, not least the Coventry, things may now settle down a bit. It's hard to know where mortgage rates are headed next in what is a highly volatile market. Either way, demand for mortgages remains strong and has not dropped off despite the end of the stamp duty holiday.
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Pete Mugleston
Mortgage Advisor & Managing Director at onlinemortgageadvisor.co.uk
With Trump changing his mind more times than the weather during an English summer, lenders are likely to hold off on more rate cuts this week. Markets don't like uncertainty, which is baked in with Trump in the White House, so we could see swaps fluctuating and lenders having to weigh whether to hold or cut rates. We might see a few lenders take the plunge and cut rates, but there won't be a stampede, more a slow trickle.
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Peter Dockar
Chief Commercial Officer at Gen H (Generation Home)
Markets expect Trump’s tariffs to be bad for growth and inflation. This creates a headache for central bankers, who would cut rates to support the economy, but raise rates to head off inflation.

With this ongoing volatility, and based on the most recent tariff reversal, lenders are going to be very cautious – VUCA (volatile, uncertain, chaotic, ambiguous) is the term! Those who are nimble might actively manage rates over the coming weeks with smaller adjustments, but bigger lenders may be inclined to hold steady.