Mortgage Interest Rate Predictions 2024 Uk. That resulted in a total increase of 425 basis points, or 4.25%, between march 17, when the rate stood at 0.25% to 0.50%, and dec. Mortgage rates rose sharply during 2022 and the first half of 2023, in response to the bank of england hiking the base rate of interest from 0.1% to 5.25% in a bid to tackle soaring inflation.
The funds rate increased by another 25 basis points, to 4.50% to 4.75%, in february 2023. Lenders cutting rates to compete.
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