PWLB briefing

Morning Rate Update

· By , PWLBtoday

Headline

PWLB Rates Take a Breather: Little Change Across the Board

Notice Details

Today's PWLB Interest Rate Notice is number 037/26, reset in the AM at 09:09 on January 28, 2026.

Maturity Rates

  • 1y: 4.60% (-2)
  • 3y: 4.79% (-1)
  • 5y: 5.02% (0)
  • 10y: 5.59% (2)
  • 25y: 6.21% (4)
  • 50y: 6.00% (4)

Notably, the 1-year rate has dipped by 2 basis points, while the 10-year and 25-year rates have seen slight increases of 2 and 4 basis points respectively. Overall, a rather quiet day in the PWLB market.

Market Context

The yield curve appears to be flattening slightly, with short-term rates decreasing while longer-term rates see modest increases. This could indicate a cautious sentiment among investors. Today, no significant GBP economic releases have been reported yet, but the market is keeping an eye on upcoming data. In the news, the euro has surged against the dollar, hitting $1.20, which may influence investor sentiment towards UK gilts. Additionally, President Trump's comments on the dollar's decline have sparked discussions about its potential long-term effects, adding to the cautious atmosphere in the markets.

Calendar Events

TODAY’S RELEASES:

  • No significant economic releases scheduled.

REMAINING TODAY:

  • No significant economic releases scheduled.

THIS WEEK AHEAD:

  • Tomorrow, January 29: GBP Car Production YoY - Forecast: 0.07
  • Friday, January 30: GBP Nationwide Housing Prices MoM - Forecast: 0.6%
  • Friday, January 30: GBP Nationwide Housing Prices YoY - Forecast: 1.5%
  • Friday, January 30: GBP Mortgage Lending - Forecast: 4.60B
  • Friday, January 30: GBP Net Lending to Individuals MoM - Forecast: 4.20B
  • Friday, January 30: GBP Mortgage Approvals - Forecast: 64.40k
  • Friday, January 30: GBP BoE Consumer Credit - Forecast: 1.90B
  • Monday, February 2: GBP S&P Global Manufacturing PMI Final - Forecast: 51.6
  • Tuesday, February 3: GBP Treasury Gilt 2035 Auction

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, keep your treasury hats on and your rates sharp!

All briefings for 28 January 2026 · January 2026 archive · All PWLB briefings