7 Year SONIA Swap Rate: Current & Historical

The 7 year SONIA swap rate is the annual fixed interest rate that market participants exchange for annually paid, compounded SONIA over the next 7 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:

1. 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.
2. 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.
3. 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 7 year point are priced off the 7 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.