SONIA swap rates
The full GBP SONIA swap curve — 2, 3, 5, 7, 10 and 30 year — updated each UK working day, with history for every tenor.
Last updated Wednesday 16 September 2026 at 12:12 · 1,131 days of history since 31 Jan 2019
5Y swap: how it has moved
History
GBP swaps were quoted against 3m LIBOR until 8 Jun 2021 and against SONIA from then on, so the two halves of the line are not strictly like-for-like.
All rates · Wed 16 Sep 2026
GBP A A/365 v A SONIA O/N · USD A30/360 v SOFR O/N · EUR A30/360 v 6m Euribor. Rates in %, change in bps on the day.
| Tenor | GBPGBP swaps | USDUSD swaps | EUREUR swaps | GiltUK Gilts | USTUS Treasuries | BundGerman Bunds |
|---|---|---|---|---|---|---|
| 2Y | 4.623% -7.12 | 4.519% -2.48 | 3.492% -0.10 | 4.807% -8.40 | 4.642% -2.07 | 3.245% -1.20 |
| 3Y | 4.667% -7.82 | 4.540% -2.38 | 3.518% +0.15 | 4.852% -8.00 | 4.740% -2.53 | 3.270% -1.30 |
| 5Y | 4.706% -6.23 | 4.535% -2.04 | 3.519% -0.02 | 4.888% -7.60 | 4.808% -1.97 | 3.342% -0.90 |
| 7Y | 4.760% -5.54 | 4.547% -1.94 | 3.527% -0.46 | 5.114% -6.20 | 4.891% -2.03 | 3.413% -1.00 |
| 10Y | 4.876% -5.03 | 4.590% -1.88 | 3.564% -0.09 | 5.329% -5.90 | 4.979% -2.25 | 3.529% -0.90 |
| 30Y | 5.176% -3.25 | 4.650% -1.47 | 3.458% -0.11 | 5.885% -4.00 | 5.350% -1.62 | 3.877% -1.50 |
Reference rates
| SONIA O/N | 3.730% | -0.10 bps |
| SOFR O/N | 3.620% | 0.00 bps |
| 3M Euribor | 2.661% | -2.10 bps |
FX
| EUR/GBP | 0.8566 | -0.02% |
| EUR/USD | 1.1532 | -0.10% |
| GBP/USD | 1.3462 | -0.12% |
| USD/CAD | 1.3928 | -0.06% |
| USD/CHF | 0.8192 | -0.06% |
| USD/JPY | 155.14 | -0.03% |
Equities
| DAX | 25,469.24 | +0.26% |
| FTSE 100 | 10,720.75 | +0.59% |
| Hang Seng | 24,713.78 | +0.19% |
| Nikkei 225 | 63,923 | +0.69% |
| S&P 500 E-Mini | 7,676.25 | +0.26% |
| Shanghai Comp. | 3,891.6 | +0.71% |
Commodities
| Corn | 536.5 | +0.14% |
| Gold | 4,349.5 | +1.34% |
| ICE Brent | 107.23 | -1.40% |
| Silver | 64.73 | +1.66% |
| Wheat | 730.25 | +0.24% |
| WTI Crude | 103.4 | -2.30% |
What swap rates mean for buy-to-let investors
If you are choosing when to fix a buy-to-let mortgage, swap rates are the earliest signal you can watch. Lenders price fixed-rate products from the swap rate of the same length — a 5-year fix from the 5 year swap — then add their margin. Swaps move every day; mortgage rate sheets follow later.
A sustained fall in the 5 year swap rate usually shows up as cheaper 5-year fixed rates within a week or two, while a sharp rise often leads lenders to pull products at short notice. Comparing today’s rate with a week, a month and a year ago — shown above — tells you which way pricing pressure is heading.
For portfolio landlords the curve matters too: when the 5 year swap sits below the 2 year, longer fixes tend to be priced more keenly than shorter ones, which changes the sums on stress tests and rental cover.
Swap rate questions
What is a swap rate?+
An interest rate swap is an agreement to exchange a fixed rate of interest for a floating one (in sterling, SONIA) over a set term. The swap rate is the fixed side of that deal: the market’s price today for fixing the cost of money for 2, 5, 10 or more years.
Why do swap rates matter for buy-to-let mortgages?+
Lenders typically fund or hedge their fixed-rate mortgages using swaps of the same term, so a 5-year fixed buy-to-let product is priced from the 5 year swap rate plus the lender’s margin and costs. When swap rates fall, cheaper fixed rates often follow; when they rise, lenders tend to reprice or withdraw products, sometimes within days.
Is the swap rate the mortgage rate I will pay?+
No. It is the wholesale benchmark underneath it. The rate you are offered adds the lender’s margin, funding and capital costs, product fees and an allowance for your loan-to-value and circumstances. Watching the swap rate tells you the direction of travel, not the exact price.
Why is the 5 year swap rate sometimes lower than the 2 year?+
Swap rates reflect where markets expect Bank Rate to average over the term. If investors expect the Bank of England to cut rates over the coming years, longer swaps can sit below shorter ones — an “inverted” curve. When they expect rates to rise or stay high, longer swaps are higher.
What is the difference between SONIA and LIBOR swaps?+
Sterling LIBOR was retired at the end of 2021 and the market moved to SONIA, the overnight rate administered by the Bank of England. SONIA swaps are usually a little lower than the old LIBOR swaps for the same term, so the older part of the history on this site is not strictly like-for-like with the newer part; the charts mark the changeover.
How often are these rates updated?+
Once each UK working day, from a snapshot taken around the middle of the day. They are indicative mid-market levels, not live or dealable prices. There is no update at weekends or on bank holidays, and some days are missing from the history.