Short internal notes tracking the swap rates and buy-to-let mortgage pricing that matter to our own portfolio. General commentary, not advice.
Swaps fell modestly across the curve, most at the long end. The broker-panel lists refreshed, but only the highest loan-to-value tier changed. The seventy-five per cent products did not move, and the direct lender we follow has still not issued a new guide.
Last week’s fall in swaps has reversed, and the five-year is at a new high for our record. The broker-panel lists refreshed for the first time in a fortnight, and the changes were mostly upward and mostly modest, apart from the highest loan-to-value products.
A quiet week on the shelf: neither the broker-panel lists nor the direct lender we follow repriced. Swaps eased by six to eleven basis points at the short and middle of the curve, while the ten-year edged up.
Last week’s fall in swaps has fully reversed, and the five-year is at the highest level we have recorded. Broker-panel pricing repriced upward for the second week running, and this time the large-fee products went up too.
Fixed-rate pricing repriced upward by twenty to thirty basis points this week, exactly as last week’s note expected. The complication is that swaps eased by eight over the same days, so the correction landed against a funding cost that had already started falling.
The five-year swap rose about thirty basis points in a single week as gilts sold off to their highest yields since 2007. Lender and broker-panel pricing has not moved at all, which means the margin is being carried rather than charged. That rarely lasts.
Swaps have risen for a third fortnight running and the five-year is through its July high. The lender repricing we flagged as inevitable duly landed, roughly ten to thirteen basis points higher across a whole five-year range. Broker-panel pricing, oddly, went the other way.
Two weeks of falling swaps have been reversed in full. The five-year is back within touching distance of its late-July peak, which cancels the downward repricing we were waiting for and puts the next move back on the upside.
GBP swaps fell for a second consecutive week, but one major buy-to-let lender has just repriced its whole five-year limited-company range upward. Lender pricing is still settling the July bill, not reading this week’s market.
GBP swap rates have fallen for the first time in over a month, giving back a chunk of July’s rise. Lender pricing hasn’t followed yet — product rates still reflect the peak, which is the gap worth watching.
Swaps have risen roughly forty basis points in a month and lenders have now passed part of it through: five-year limited-company BTL fixes have been reissued higher, and the cheapest no-fee options have gone.
GBP swap rates have been climbing steadily for a couple of weeks, which points to five-year fixed buy-to-let pricing edging up rather than down from here.
GBP swap rates have kept drifting higher through mid-July, but BTL fixed-rate pricing hasn’t moved yet — the repricing risk looks skewed upward.
Swaps chopped sideways at a slightly higher level, yet limited-company buy-to-let pricing repriced lower anyway - lenders look to be competing on margin, and the gap over our own lender has widened.
Swaps drifted a touch lower and the buy-to-let shelf held steady - last week’s competitive repricing has stuck, and the funding backdrop now gently supports it.
Swaps held steady but buy-to-let fixed pricing has eased - a broad round of competitive repricing lower across the market we watch.
A quiet week - swap rates and buy-to-let fixed pricing both held steady, with nothing to change our view.
