Martin Lewis' MoneySavingExpert.com website has issued advice to those who don't know whether they should fix their mortgage now, or hold off.
Even though inflation fell to 8.7% in the year up to April 2023, core inflation - which strips out energy and food prices - is still rising.
Analysts say this could mean another Bank of England base interest rate rise on June 22, up from the current figure of 4.5%.
This means the cost of your mortgage could go up again, for the thirteenth time since December 2021.
The MoneySavingExpert.com newsletter reported that around 1.4million mortgage deals are set to end this year - so many will need to think about how another potential rate rise could affect them.
The recent newsletter explained that fixed mortgage deals tended to move in line with forecasts of future interest rates and, until recently, had been falling.
Just last month, the cheapest two and five-year fixes were 4.08% and 3.79% respectively.
However, the cheapest is now 4.39% and 4.05% - some are predicting that deals could get to 5% and 4.5% by mid-June.
So what should you do if your mortgage rate is coming to an end in the next six months?
For those on a variable rate mortgage, the MSE website advises you to compare deals elsewhere to access whether you should try and fix into a new deal now.
The newsletter said: "Early action can insure against future rate rises..."
Many lenders let you secure a new deal three to six months in advance before your current deal ends.
MSE says this means you could lock in today's rate as an insurance policy against future rate rises.
You can either do this with your existing lender, which is known as a product transfer, or you can remortgage to a new lender
If a better deal comes along, MSE says you often ditch the mortgage you secured on and get a new one at a lower rate closer to when you need it.
However, this can be complex so you should research the deals you are looking at thoroughly before signing or ask for advice from a mortgage broker.
If you are on a tracker mortgage, which follows the Bank of England base rate with a fixed percentage added on top, MSE says many who are worried about potential future rises may want to fix now.
The idea being, this will give you the certainty of payments for the foreseeable as economists predict the base rate could reach 5.5% this year.
Tracker mortgages often come with no early repayment charges (ERCs), meaning you can change your mortgage deal with no penalty.
However, before dicing onto a new deal you should again make sure you do your research and if you are uncertain you should contact a mortgage broker.
For more information, you can check out the MoneySavingExpert remortgaging guide here.
