Experts are taking data regarding swap rates and the low base rate to formulate an opinion about the short term future of mortgage rates. Low swap rates and the continuing low base rate are combining to form the possibility of another fall in mortgage rates. Those looking for a residence for purchase could be searching at the right time and discover mortgage lending at an even deeper discount.

The Bank of England’s Monetary Policy Committee held their monthly meeting last week and voted on the fate of the base rate. The vote was unanimous to keep the rate at the current level. With the level of inflation not taking off and staying under control, members of the committee saw no reason to increase the cost to borrow money.

As mortgage rates remain low and possibly drift even lower, mortgage lending activity continues to stay in high gear, not unlike remortgage activity. House owners are discovering a plethora of attractive deals being offered by low profile and even high profile lenders and lending institutions.

Since news broke last summer of a possible hike in interest rates, house owners have been hurrying to find a remortgage deal and act on it. No rise in the base rate has taken place so far, and now even Mark Carney of the Bank of England is estimating the interest rates will remain at the current level for the foreseeable future.

Although a specific time frame has not been defined for a rise in base rate, many experts suggest house owners take this time and search for a remortgage deal which fits their needs. Rates are extremely low and lenders are in heavy competition since the New Year began.