Why mortgages went up even though interest rates didn't

One of the clearest explanations of monetary policy transmission you’ll find in a real life context. Taylor starts from a puzzle (mortgage rates rising while the base rate holds at 3.75 per cent) and works through how the Bank of England only sets the base rate, how banks pass changes on slowly, and how expectations and interest rate swaps feed straight into mortgage pricing. There is a lovely point that the more markets expect hikes, the less likely they become, because anticipation does the Bank's work for it. Interest rate swaps go slightly beyond the spec but are well explained. Ideal for the monetary policy topic and for showing that the transmission mechanism is messier than the textbook diagram. Accessible to all, with real figures to anchor the analysis.  Read here