Six lenders cut mortgage rates in 24 hours as swap rates fall below 4%

Nationwide, Virgin Money, BM Solutions, Halifax, Kensington and Lloyds all repriced within 24 hours from 7 July, with cuts of up to 0.19% on fixed deals. Two-to-five-year swap rates — the funding costs behind fixed mortgages — have dropped below 4%, down from around 4.16% at the start of June. For buyers and remortgagers, cheaper fixed deals are landing week by week, with sub-4% headline rates edging closer. The Bank of England is still holding at 3.75%, so this is lender competition on funding costs, not a rate-cutting cycle.