“Oil prices have been weaker as of late, while inflationary pressures are now starting to ease in many economies around the world. 

“Finally, UK inflation appears to be falling in line with these global trends, although a wage-price spiral and businesses increasing prices remain as risk factors."

“However, it's still only a small drop and there is certainly some way to go to reach the 2% target, so we could still see further increases in the base rate until inflation starts to fall at a quicker rate.
 
"The concerns around inflation and the cost of living crisis have led to a slower housing market compared to what we've become accustomed to over recent years, so we are now seeing lenders going toe to toe to fight it out on winning a larger market share from a reduced pool of transactions.
 
"Fixed rates continue to fall and we could start to see some low 4% deals materialise and, if we're really lucky, high 3s."

“Even with this data, I would be surprised if the Bank of England does not raise interest rates again at least once in the coming months. Lenders are lowering rates to attract new business by reducing the margins they previously built into their products. 

“This trend will continue but do not expect mortgage rates to return to the good old days.
 
"If the Bank of England's forecast that inflation will fall dramatically by the end of this year is correct, this could result in a reversal of rate increases. This helps to explain why many people are still hesitant to take long-term fixed rates in the current market."