PWLB briefing
Afternoon Rate Update
PM NOTICE SUMMARY — PWLB rates were broadly steady at the 12:30 reset, with minor moves of ±1bp across the curve.
The 12:30 PWLB PM fix saw little changed, with only marginal shifts of ±1bp at select maturities.
PWLB PM SNAPSHOT
- → 1y: 5.24% (-1bp)
- → 3y: 5.49% (unch)
- → 5y: 5.68% (unch)
- → 10y: 6.14% (+1bp)
- → 25y: 6.74% (+1bp)
- → 50y: 6.53% (+1bp)
WHAT'S NEW SINCE THIS MORNING
- → Curve moves were minimal — 1y dipped (-1bp), 10y, 25y, and 50y edged up (+1bp); rest unchanged.
CONTEXT
- → Lloyds House Price Index — August YoY fell -0.40% (vs forecast +0.10%), first annual decline since 2023; MoM also negative at -0.20%.
- → Chancellor's speech — John Healey reiterated a focus on fiscal discipline and balancing the books ahead of the Budget.
- → BBA Mortgage Rate — Held steady at 6.58% (in line with previous, just below forecast).
- → No single clear driver — News flow is broad, but no dominant theme behind today's minor rate moves.
LOOK AHEAD
- → Tomorrow 00:01 — BRC Retail Sales Monitor YoY (forecast: 1.20%).
A quiet PM reset: rates are holding steady, with no obvious catalyst in today's data or headlines.
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 all Mondays were this uneventful.