Current UK Mortgage Rates – what is happening?

Since August 2023, the Bank of England Base Rate has remained at 5.25%. The Bank of England meets every 6 weeks to review the rate but it has been stable at this rate since August, following a period of frequent rises. So what is in store for this year and where are we now?

Rightmove review and monitor mortgage rates regularly and have put together these useful guide tables with information on rates correct as of 27/3/24. 

Rightmove Mortgage Expert Matt Smith says:

“Following last week’s positive inflation news, average rates have either edged down slightly, or remain unchanged. It’s also the first time in seven weeks that the average five-year fixed rate is lower than a week ago. Following the latest Base Rate hold and confirmation from the Bank of England that things are moving in the right direction, which has taken away some of the pressure for rate increases. And while some lenders have increased rates, we’ve seen cuts to several fixed-rate deals this week.”

See below for the top deals selected by deposit criteria. These are courtesy of Rightmove / Podium and are an average based on 95% of the mortgage market. All rates are based on products with a circa £999 fee. 

What are the predictions for 2024 for Mortgage and Bank Rates?

Financial experts and market research suggest that rates will remain stable and flat throughout 2024 before coming down slightly towards the latter part of the year, and as such, these should filter through into the mortgage market with reduced rates for fixed-term deals.

What can I afford?

Rightmove offers a mortgage calculator and a guide to how much you can typically borrow. Other sites like Moneysupermarket have an excellent tool that searches 1000’s of mortgage deals to show you what’s currently available.