Mortgage rates are falling

Mortgage rates are falling as lenders compete for business, offering relief to homeowners whose low-interest pandemic deals are expiring. Lenders are slashing rates this summer due to a slowdown in the housing market and a record number of properties for sale. This competition is beneficial for the over 760,000 homeowners whose fixed-rate deals end this year. Remortgage approvals have reached their highest point since October 2022, indicating a shift in the market following the instability caused by the previous year's mini-budget.