The short answer
Bank Rate has stayed at 3.75% this year, but fixed mortgage rates have risen anyway, with the average two-year and five-year fix now around 6% according to Moneyfacts. If your deal ends in the next six months or so, it is usually worth looking now rather than waiting.
What Bank Rate did
The Bank of England's Monetary Policy Committee held Bank Rate at 3.75% on 17 September 2026. It was a split decision, six votes to three, with the three members who disagreed voting for a rise to 4%. Bank Rate has now been unchanged at every meeting this year, following the cut to 3.75% in December 2025. The next decision is due on 5 November 2026.
We cover the September decision in more detail in our Bank Rate article.
Why fixed rates have risen when Bank Rate has not
Fixed mortgage rates are priced mainly from where lenders expect interest rates to go, not from today's Bank Rate. When markets expect rates to stay higher for longer, or to rise, lenders tend to raise their fixed prices. A split vote with three members wanting an increase is the kind of signal that can push those expectations up.
Moneyfacts reported that on 5 October 2026 the average two-year fixed rate was 5.98% and the average five-year fixed rate was 6.00%. Rightmove's own tracker put the average two-year fixed at 5.55% in October, up from 5.29% a month earlier and 4.25% in February. The two figures use different methods, so they will not match exactly, but they point the same way.
What it means if you are on a tracker
A tracker follows Bank Rate directly. While Bank Rate stays at 3.75% your payments do not change. If the Bank of England raised Bank Rate on 5 November, tracker payments would rise with it, and if it cut, they would fall.
What you can do now
If your fixed deal ends within the next six months or so, it is worth checking what is available. Many lenders let you secure a new rate around six months before your current deal ends, and some let you switch to a better deal if rates fall before it starts. Terms vary, so check before you commit.
The best deal depends on your loan size, deposit or equity, property and fees, not just the headline rate. We compare the whole market so you can see the real cost of each option. Book a free chat and we will check what is available for your situation.
Sources
Bank of England decision of 17 September 2026 and next date: Mortgage One Finance summary.
Average fixed rates on 5 October 2026: Moneyfacts.
Rightmove average two-year fixed rate: Rightmove House Price Index (October 2026).
This article is general information, not personal advice. Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.