Several lenders have started to reduce rates as inflation begins to slow.
A financial expert has said that lenders may begin to work lower rates into their fixed-term deals as inflation begins to slow.
He said: "It will hopefully have a positive impact on future market forecasts, and a calming to the recent volatility in fixed rates.It will take a few months before we see any substantial decreases in fixed rate pricing. As reported by Birmingham Live, Nationwide has led the changes by slashing rates on five of its mortgage products by up to 0.35 per cent. HSBC has cut rates on its residential mortgages by an average by up to 0.35 per cent, too.
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