Mortgage interest rates: when will they come down?

While rates are falling, they are still higher than those seen in the past decade

Exterior of row of houses
More than 1.4 million households are facing major rate hikes
(Image credit: Victor Huang / Getty Images)

Mortgage rates have fallen back below 6% on average, but borrowers are still facing higher costs to get on or move up the property ladder.

Customers have seen mortgage pricing "driven up" by consecutive increases to the base rate, said Moneyfacts, as part of the Bank of England’s efforts to "tackle chronically high inflation".

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Marc Shoffman is an NCTJ-qualified award-winning freelance journalist, specialising in business, property and personal finance. He has a BA in multimedia journalism from Bournemouth University and a master’s in financial journalism from City University, London. His career began at FT Business trade publication Financial Adviser, during the 2008 banking crash. In 2013, he moved to MailOnline’s personal finance section This is Money, where he covered topics ranging from mortgages and pensions to investments and even a bit of Bitcoin. Since going freelance in 2016, his work has appeared in MoneyWeek, The Times, The Mail on Sunday and on the i news site.