PWLB briefing
End of Day Wrap-Up
UK gilt yields ended modestly lower across most maturities, leading to a slight decrease in PWLB rates for most tenors.
GILT MOVE SUMMARY
| Tenor | Yield | Change |
|---|---|---|
| 2y | 4.11% | -1bp |
| 10y | 4.72% | -1bp |
| 20y | 5.35% | -2bp |
| 50y | 5.03% | -3bp |
Mild curve flattening, with longer maturities seeing slightly larger declines.
PWLB CLOSE SNAPSHOT
| Maturity | Rate | Change |
|---|---|---|
| 1y | 4.97% | unch |
| 5y | 5.28% | -1bp |
| 10y | 5.76% | -1bp |
| 25y | 6.39% | unch |
| 50y | 6.20% | unch |
WHAT DROVE TODAY
- → UK data — Mortgage approvals came in below forecast at 56.2K (Forecast: 62.9K, Previous: 66K); M4 Money Supply MoM was 0.10% (Forecast: 0.20%, Previous: 0.20%). No other significant UK releases.
- → Global context — News flow was dominated by US Federal Reserve independence developments and mixed risk sentiment, but no direct catalyst for UK rates was evident.
WHAT THIS MEANS
- → PWLB rates — Most key maturities ended the day down (-1bp) or unchanged, reflecting the modest decline in gilt yields.
- → Borrowing costs — Slightly lower for most tenors, with the largest moves at the long end of the gilt curve not fully matched in PWLB rates today.
- → Market tone — Moves were modest and lacked a clear domestic catalyst.
NEXT ON THE DIARY
- → 07:00 — Nationwide Housing Prices MoM (Forecast: 0.0%; Previous: -0.60%)
- → 07:00 — Nationwide Housing Prices YoY (Forecast: 2.20%; Previous: 1.70%)
Please refer to official sources for the latest PWLB rates and upcoming data releases.
This commentary is for information only and does not constitute financial advice. Always verify rates directly with PWLB or official sources before making borrowing decisions.