Every Friday, we take a look at the mortgage market, listen to industry voices, and get a roundup of the best rates courtesy of the independent experts at Moneyfactscompare.co.uk.

Yesterday’s base rate cut does not necessarily mean mortgage rates will fall.

HSBC, Lloyds, Halifax, Cumberland, Coventry, Leek and Skipton have all increased rates this week.

David Hollingworth, regular director of Money and partner at L&C Mortgagessays: “Most borrowers have continued to lock in their rates to benefit from the lower rates they offer compared to variable rate deals.

“Counterintuitively, these fixed rates have increased despite the reduction in the base rate, as the market’s perception of inflation and the rate outlook has changed.

“Last week’s budget and the US election added a touch of uncertainty about future rate movements. This has already caused a wave of price changes, most of which have resulted in higher fixed rates.”

What should borrowers do?

“Any borrower considering whether or not to take a fixed rate now should make a decision sooner rather than later,” says David. “There are still extremely high rates, with some rates still available below 4%, but these are bound to feel the pressure.

“Requesting a deal will secure the rate and prevent any further increases. At the same time, they can always revisit the deal if rates subsequently drop.”

Another reason to act quickly

Caitlyn Eastell of Moneyfacts says there’s another reason why buyers might want to rush.

The current stamp duty threshold is £250,000 (or £425,000 for first-time buyers) after a temporary increase by the last government. But that amount is set to return to £125,000 (or £300,000 for first-time buyers) next March – and the new government has not bowed to pressure to extend the rise.

Caitlyn says: “If borrowers want to get on the property ladder, they need to act quickly if they want to get an affordable deal.

“Since the Budget, swap rates have been on the rise and lenders will no doubt be monitoring them closely. It traditionally takes them a few weeks to pass on these rises, but it is likely that many lenders will prioritize closely monitoring swap rates. interest rates. rate cuts.

“In addition, lenders will have their own annual targets to consider as the end of the year approaches and may adjust their ranges accordingly.”

You can find the best prices for direct products here…

Moneyfacts also brings together what it calls “best buys”, which go beyond the lowest rates and take into account incentives and fees…