As the Bank Rate has stuck at 5.25pc, many homeowners will be keeping a watchful eye as to whether mortgage lenders will also stick to their current rates, or continue the current trends to reduce them.
British lenders have accelerated price cuts on mortgages as competition intensifies, inflation slows and markets increase bets on future Bank of England (BoE) interest rate cuts. Average rates on fixed-rate mortgage products have fallen by more than 0.5 percentage points since peaking in July, Moneyfacts data shows, even before the BoE starts to reduce the benchmark rate that underpins borrowing costs. The latest inflation data on Wednesday showed price rises in Britain fell faster than expected in October, plunging to 4.6% from 6.7% the prior month, leading to further investor bets on BoE rate cuts next year.