Despite the base rate's anticipated future increase, mortgage rates are dropping

LONDON: As a result of the UK's major change in mortgage rates in 2022 due to rising inflation and economic uncertainty, many people began to worry about increasing mortgage payments. (Reported by news source)

The 2023 mortgage market, current interest rates, and advice on how to get the best mortgage deal in the event of another large increase in interest rates have all been covered in commonly asked questions by mortgage experts at Uswitch.com.

In response to rising inflation, the Bank of England increased the base rate numerous times in 2022. It was increased to 3.5% by the most recent change in December.

Although base rate increases only directly affect tracker mortgage rates, they can also have an impact on the fixed-rate and other variable-rate packages that lenders provide.

Mortgage rates have decreased since November 2022, with the exception of tracker arrangements, despite base rate rises. This is because, as a result of the mini-budget in September and the accompanying economic instability, lenders sharply raised the rates on their fixed and variable mortgages.