The Bank of England today opted to cut the base rate to 4.5%, the lowest level since the summer of 2023.

While this is positive news for borrowers, we don’t expect mortgage rates to fall immediately. Today’s reduction was already ‘priced in’, and we’ll need a material shift in the outlook to enable mortgage rates to fall meaningfully.

It’s hard to say when that will happen. The economic outlook is particularly uncertain, both at home and abroad. The effects of the government’s first Budget on inflation and employment aren’t yet fully known. The likely impact of the US – China trade war on inflation is also hard to know. It looks certain that the volatility that has characterised recent months will continue.

Lenders continue to tweak their ranges regularly to protect themselves from swings in financial markets. For borrowers, it has never been tougher to keep track of mortgage rates.

In these conditions, it pays to use a mortgage broker that covers the entire market. Our experts can give you a detailed overview, leaving you safe in the knowledge that you’re seeing the whole picture. We also recommend locking in a deal as soon as you can. Most lenders allow you to fix a rate as many as six months in advance of drawing down the money. Any deal can be renegotiated if better deals come available.

If you are considering purchasing or remortgaging a home, please get in touch with one of our experienced brokers. We have relationships with over 200 lenders and we’d be happy to walk you through your options.