PWLB briefing

Morning Rate Update

· By , PWLBtoday

Headline: Rates Take a Gentle Dip, but No Need for Dramatic Headlines

Notice Date: 24 February 2026, AM reset at 09:29

Maturity Rates

  • 1y: 4.47% (-2bps)
  • 3y: 4.59% (-3bps)
  • 5y: 4.80% (-4bps)
  • 10y: 5.39% (-4bps)
  • 25y: 6.05% (-4bps)
  • 50y: 5.85% (-4bps)

While the rates have dipped slightly, nothing here is causing a stir—just a gentle breeze across the curve.

Market Context

The latest PWLB rates show a modest decline across the board, with the most significant drop being 4 basis points for the 5-year, 10-year, and 25-year maturities. This slight easing reflects a stable environment, with the yield curve maintaining its shape. Today, we await the GBP CBI Distributive Trades report, which is forecasted to remain unchanged at -17, indicating ongoing challenges in retail activity. In the news, President Trump’s new 10% global tariffs have taken effect, creating uncertainty in the markets, particularly for UK exporters. This backdrop of tariff anxiety, coupled with the ongoing discussions around AI's impact on productivity, continues to shape investor sentiment, albeit without immediate repercussions on PWLB rates.

Calendar Events

TODAY’S RELEASES:

  • 11:00: GBP CBI Distributive Trades - Forecast: -17 (Previous: -17)

REMAINING TODAY:

  • 10:00: GBP Treasury Gilt 2033 Auction (LOW impact) (Previous: 4.3%*)

THIS WEEK AHEAD:

  • Friday 00:01: GBP Car Production YoY - Forecast: 0.05 (Previous: 0.18)
  • Friday 00:01: GBP Gfk Consumer Confidence - Forecast: -16 (Previous: -16)
  • Friday 07:00: GBP Nationwide Housing Prices YoY - Forecast: 1.8% (Previous: 1.0%)
  • Friday 07:00: GBP Nationwide Housing Prices MoM - Forecast: 0.3% (Previous: 0.3%)
  • Monday 09:30: GBP Mortgage Lending - Forecast: 4.20B (Previous: 4.60B)
  • Monday 09:30: GBP S&P Global Manufacturing PMI Final - Forecast: 52 (Previous: 51.8)
  • Monday 09:30: GBP Net Lending to Individuals MoM - Forecast: 3.80B (Previous: 6.10B)
  • Monday 09:30: GBP M4 Money Supply MoM - Forecast: -0.00 (Previous: 0.00)
  • Monday 09:30: GBP BoE Consumer Credit - Forecast: 1.20B (Previous: 1.52B*)
  • Monday 09:30: GBP Mortgage Approvals - Forecast: 65.50k (Previous: 61.01k)

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 operations as smooth as a well-oiled machine!

All briefings for 24 February 2026 · February 2026 archive · All PWLB briefings