Good news, everyone! Inflation is finally under control, but that doesn’t mean mortgage rates are going down just yet.

While the Bank of England has managed to wrestle inflation down to its 2% target, experts believe they’ll hold off on cutting the base rate until autumn. This means mortgage rates are likely to stay put – or even rise a little – for the next few months.

Here’s a summary of this week’s mortgage rates:

• Two-year fixes: The average rate inched up slightly to 5.97%.
• Three-year fixes: These followed a similar pattern, rising to 5.75%.
• Five-year fixes: Here, the average rate saw a slightly bigger jump, up to 5.55%.
• Ten-year fixes: Bucking the trend, these actually fell a little, down to 6.01%.

Behind the scenes, it’s a mixed bag.

Some big names like HSBC, first direct, and Barclays actually cut rates on some of their deals. But these cuts were offset by smaller building societies tinkering with their rates, with some going up, some going down, and a few deals being withdrawn altogether.

First-time buyers on the hunt for a bargain should check out Leek Building Society.

They’ve got a five-year fix at a tempting 4.93% for anyone with a 10% deposit. Plus, they’re throwing in a free valuation and £400 cashback – not bad!

What does it all mean for you?

The mortgage market is still a bit uncertain. If you’re thinking about buying a home or remortgaging soon, it’s more important than ever to do your research and get expert advice. Don’t just go for the first deal you see – shop around and find one that’s right for you.