Afternoon Rate Update

Hello! Here’s your afternoon update on the latest PWLB rates and market movements.

Headline

PWLB Rates Take a Slight Dip, But Not Enough to Raise Eyebrows

Notice Details

Today's PWLB Interest Rate Notice is Number 032/26, with rates reset at 12:30 PM on January 23, 2026.

Maturity Rates

• 1y: 4.59% (+2)
• 3y: 4.76% (+2)
• 5y: 4.98% (+2)
• 10y: 5.54% (+1)
• 25y: 6.16% (+1)
• 50y: 5.94% (+1)

Rates have seen minor increases of 1-2 basis points across the board, indicating a quiet afternoon in the market.

Afternoon Context

Since this morning, several economic data releases have come in, including the 10:30 AM release of the S&P Global Services PMI Flash, which showed an actual of 54.3, surpassing the forecast of 51.5. The S&P Global Manufacturing PMI Flash also exceeded expectations at 51.6 against a forecast of 50.8. In the news, gilts are under pressure as they head for their worst week since November, influenced by ongoing political uncertainties. This backdrop may be contributing to the slight upward adjustments in PWLB rates.

Calendar Events

RELEASES SO FAR TODAY:

• GBP S&P Global Services PMI Flash - Actual: 54.3 (Forecast: 51.5, Previous: 51.4)
• GBP S&P Global Manufacturing PMI Flash - Actual: 51.6 (Forecast: 50.8, Previous: 50.6)

REMAINING TODAY:

• No further significant economic releases today.

THIS WEEK AHEAD:

• Tuesday 00:01: GBP BRC Shop Price Inflation - Forecast: 0.8%
• Tuesday 10:00: GBP Treasury Gilt 2033 Auction
• Thursday 00:01: GBP Car Production YoY - Forecast: 0.07%
• Friday 07:00: GBP Nationwide Housing Prices MoM - Forecast: 0.6%
• Friday 07:00: GBP Nationwide Housing Prices YoY - Forecast: 1.5%
• Friday 09:30: GBP Mortgage Lending - Forecast: 4.60B
• Friday 09:30: GBP Net Lending to Individuals MoM - Forecast: 4.20B
• Friday 09:30: GBP Mortgage Approvals - Forecast: 64.40k
• Friday 09:30: GBP BoE Consumer Credit - Forecast: 1.90B
• Friday 09:30: GBP M4 Money Supply MoM - Forecast: 0.01

This commentary is provided for informational purposes only and should not be construed as financial advice. Market conditions can change rapidly, and you should always verify current rates directly with the PWLB or through official channels before making borrowing decisions. Past performance is not indicative of future results.

Until next time, may your rates be low and your forecasts bright!