PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates at the 12:30 reset are broadly unchanged, with only minor 1bp moves at the short and 7-year points and a 1bp dip at 40 years.
The 12:30 PWLB PM reset shows little changed across the curve, with a slight upward nudge at 2y and 7y, and a marginal move lower at 40y.
PWLB PM SNAPSHOT
- → 1y: 5.06% (unch)
- → 3y: 5.23% (unch)
- → 5y: 5.39% (unch)
- → 10y: 5.87% (unch)
- → 25y: 6.48% (unch)
- → 50y: 6.27% (unch)
WHAT'S NEW SINCE THIS MORNING
No meaningful change from the earlier notice.
CONTEXT
- → Nationwide house prices (May): -0.60% MoM (vs forecast -0.10%), 1.7% YoY (vs forecast 2.9%), both below expectations and showing a monthly decline.
- → UK Manufacturing PMI (May): 53.9, slightly above forecast and at a four-year high, indicating sector resilience despite Middle East tensions.
- → News flow: UK house prices under pressure from higher mortgage rates and Iran war fallout; manufacturing holding up; global risk sentiment mixed as oil rebounds and Middle East uncertainty persists.
LOOK AHEAD
- → 15:00 today (USD): ISM Manufacturing PMI, forecast 53.
- → Tomorrow 09:30 (GBP): Mortgage Approvals, forecast 62K.
- → Tomorrow 10:00 (EUR): Inflation Rate YoY Flash, forecast 3.4%.
A steady PM reset, with the market pausing for breath as house price weakness is balanced by robust manufacturing data and ongoing geopolitical uncertainty.
This commentary is provided for information only and is not financial advice. Please verify rates directly with PWLB or official sources before acting.
Gilt Edge Advisor — If only the housing market could borrow at PWLB rates.