Nationwide cuts rates by up to 0.15%

There's a flicker of light, and I'd take it, but I'd keep it in proportion. A 0.15% cut from Nationwide, hot on the heels of Halifax, is welcome and it helps at the margin. It's also small, and it comes after months of rates see-sawing. Only a few weeks ago the cuts we'd seen were wiped out almost overnight when the Middle East pushed swap rates up. So one or two lenders trimming is as much about them competing for business as it is a sign the whole market has turned. These moves are driven by swap rates rather than the Bank, and swaps can reverse as fast as they fall. The genuine turning point comes when inflation is clearly beaten and the Bank starts cutting with conviction, and we're not there yet. The Bank held last month, some of its own members wanted rates higher, and inflation's expected to climb again by year end. Encouraging, then, but I wouldn't call the all-clear on the back of it.

Nationwide's latest cut is another sign rates are moving in the right direction, for now. It follows Halifax just days ago, and two lenders moving the same way in quick succession tells you something. The market's been slow, which means there could be some decent deals out there for buyers willing to move. My steer is simple: don't wait around. Given how unpredictable 2026 has been, there's no telling if that direction holds into next month ort how quickly it will reverse.

Homebuyers and those waiting to remortgage will be relieved to see a new wave of rate cuts filtering through the mortgage market, though how long this will last depends very much on global factors and conflicts. The capricious nature of SWAP rates has meant lenders have had to reprice both upwards and downwards more times than they would usually like to, but that does not mean that there is not an effective mortgage market. Taking the time to get advice now is paramount to help wade through the mortgage mist.