The race to base rate cuts has well and truly begun. Indeed, this was largely signalled in interviews with the Bank of England’s Andrew Bailey after the MPC voted to hold rates for the fifth consecutive meeting.
However, the path to lower mortgage rates in 2024 thus far has not been as straightforward. January was a very positive month for the mortgage market, with mortgage rates and activity levels close to those we saw in summer 2023. This is down to the fact that many buyers were simply unwilling to wait any longer and were buoyed by a host of lenders cutting rates, and those needing to re-finance and were able to secure lower mortgage rates than had been available pre-Christmas.
