2 Year SONIA Swap Rate: Current & Historical
The 2 year SONIA swap rate is the annual fixed rate exchanged for annually paid, compounded SONIA over the next 2 years. Check the current rate, its one-year chart and daily history, with downloads straight to Excel.
GBP · 2Y · SONIA
52-wk range
4.25% – 4.25%
Last update:
Recent daily closes
| Date | Rate | Daily change |
|---|---|---|
| Live | – | |
| 24 Jul 2026 | 4.25% | – |
Rates built from interdealer broker and exchange quotes. Read how we build these rates.
This is yesterday's close
See the live 2 year SONIA swap rate
- Live mids, refreshed every minute
- Full 2 year daily history to Excel
- Every SONIA tenor, 1 to 50 years
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Live 2 year SONIA in Excel & API
If you're on this page more than once a month, you don't need a rate, you need a feed. One function, always-live curves, straight in your model.
// Excel: live SONIA swap rate in a cell =BlueGamma.SWAP_RATE("SONIA", start_date, maturity_date, "1Y") # API: the same rate, one GET away GET api.bluegamma.io/v1/swap_rate ?index=SONIA&start_date=2D&maturity_date=2Y x-api-key: your_api_key
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FAQs
The 2 year SONIA swap rate is the annual fixed interest rate that market participants exchange for annually paid, compounded SONIA over the next 2 years. It is set in the interdealer swap market and moves continuously with expectations for Bank of England policy.
The rate shown on this page is the previous UK business day's close; the live rate is available in the BlueGamma app.
Three common reasons:
- Timing: this page shows the previous UK business day's mid-market close, while banks quote off the live curve, which moves through the day.
- Spread: the mid-market rate is the raw interbank level. A bank's quote adds a credit and execution charge, and on a loan a lending margin on top.
- Conventions: a quote using a different payment frequency or day count will differ slightly from the annual/annual rate shown here.
If you are comparing a quote against the market, compare it with the live mid rate at the time of the quote.
Lenders fund fixed-rate products by hedging with interest rate swaps of the matching term, so fixed deals around the 2 year point are priced off the 2 year SONIA swap rate plus a lender margin.
When the swap rate rises, new fixed rates at that term typically follow within days or weeks; when it falls, fixed deals tend to get cheaper.
This page shows the last 12 months of daily closes, the 52-week range and dated lookbacks.
The BlueGamma app carries the full daily history for every SONIA tenor, alongside 20+ other currencies, with downloads straight to Excel.
BlueGamma takes quotes directly from leading inter-dealer brokers and exchanges, bootstraps them into ready-to-use curves, and validates the output for consistency on a regular basis.
The rates shown on this page are the previous UK business day’s close. Live rates, refreshed every minute, are available in the BlueGamma app with a free trial.
More on SONIA
SONIA Swap Rates for All Tenors
The full rates table: every liquid tenor from 1 to 50 years with one-week, one-month and one-year history.
SONIA Forward Curve
The market-implied path for SONIA: live forward curve, charted and downloadable.
Bank of England Rate Forecast
Market-implied probabilities for the next MPC meeting and the Bank Rate path ahead.
Compounded SONIA
Daily and period-compounded SONIA rates for floating-leg calculations.
More from BlueGamma
Or browse the full swap rate catalogue, covering all 86 rates across 33 currencies.