Shelf-life of mortgage deals falls to 13 days

Mortgage deals lasted an average of 13 days in September, down from 14 in August, as swings in swap rates pushed lenders to reprice or withdraw products again and again, according to the latest data released by Moneyfacts.

Despite the fall, the figure sits well above the record low of eight days in April, when the initial impact of the US-Iran conflict hit the market.

So far this year, mortgage deals have stayed on sale for 15 days on average, against 20 in 2025 and 34 in 2020. The annual average stood at 43 days in 2019. The COVID pandemic and the 2022 mini-Budget both caused sharp disruption, but Moneyfacts describes the instability across 2026 as a step change, and more volatile than recent years.

Volatility shortens the life of mortgage deals

Rates have risen alongside the churn. The average two-year fixed rate stood at 5.93% at the start of October, up from 5.59% a month earlier and 5.84% in April, while the average five-year fixed rate reached 5.95%, compared with 5.63% in September. Across all fixed and tracker products, the average new mortgage rate rose to 5.83% from 5.55%. The number of products on the market also grew, reaching almost 8,700 from about 7,500 in September and 6,200 in April.

Adam French, head of consumer finance at Moneyfacts, noted: “Brokers and borrowers are navigating the most challenging mortgage market in modern records. Not only have rates been jumping up and down, but the deals available today may not be here tomorrow either.

“The average mortgage product is lasting just 15 days on the market so far this year. That leaves borrowers with a much tighter window in which to find, compare and secure a competitive deal compared to any other on record. Previous events, such as the mini-Budget and the COVID pandemic, caused considerable disruption, but the prolonged nature of the volatility we have seen so far this year stands alone.

He added: “Much of this uncertainty comes from the economic volatility being driven by the war in the Middle East. Each rumour of reconciliation or sudden escalation has influenced swap rates, which in turn influence the cost of funding fixed-rate mortgages. Lenders have little choice but to reprice their deals or withdraw them altogether when those costs change. Brokers have been working hard to help borrowers navigate this fast-moving market, but it is a tough time for consumers to make confident decisions.

“A borrower who finds a competitive deal may find it has been withdrawn before they are ready to press ahead, while those who delay could face a different rate when they return to the market. It is understandable that consumers may feel frustrated if rates move against them, but they should not beat themselves up if they get the timing wrong. Global uncertainty is making it hard to act with confidence – for many borrowers it is more a case of luck than judgement.

French concluded: “Anyone approaching the end of a fixed-rate mortgage should consider their options early and speak to a mortgage broker about the deals available to them. Many lenders allow borrowers to secure a new deal three to six months before their existing one ends, which can give some insurance against further rate rises. It is also important to look beyond the headline rate and consider the overall cost of a mortgage, including fees and any conditions attached to the deal.”