Nationwide in the news after FCA flags weak anti-money-laundering controls; biggest British mutual, 16M members, no shareholders.
As of early April 2026, US 30-year fixed mortgage rates have climbed to 6.37%, up from under 6% six weeks ago, driven by the Iran war's impact on energy prices and inflation fears. This rise is slowing US home sales and mortgage applications during the spring buying season. In the UK, house prices fell 0.5% in March, slipping below £300,000, with mortgage rates rising above 5%, signaling a cooling housing market.
In January, the US saw a record-high gap of home sellers over buyers, with 44% more sellers, marking the second-largest since 2013. Prices are rising in some markets like Milwaukee, while overall demand remains subdued due to high mortgage costs and economic uncertainty. Meanwhile, the UK housing market shows signs of recovery with increased listings and falling mortgage rates.
UK house prices increased by 0.3% in February, with annual growth steady at 1%. The market remains resilient ahead of the spring forecast, avoiding the negative speculation seen before last November’s budget. Economists expect continued recovery, supported by improved affordability and mortgage availability.
The conflict in the Middle East has caused oil prices to spike past $90 a barrel, the highest since 2024, driven by threats to supply routes and production halts. Markets fear prolonged disruption will fuel inflation, impact energy costs, and threaten economic stability globally, especially in the UK and Europe.
The UK mortgage market has seen a significant decline in available deals and rising rates due to geopolitical tensions and increased swap rates. Over 200 deals have disappeared since March 6, with rates now exceeding 5.5%, impacting first-time buyers and homeowners. Experts warn rates will likely stay high as global instability persists.
Mortgage rates in the UK have declined following recent market reactions to global conflicts and economic uncertainty. Lenders are passing on savings from falling swap rates, but geopolitical tensions continue to cause market volatility, impacting borrowing costs and demand for home loans. The Bank of England's upcoming rate decision remains a key factor.