UK Mortgage Rates Fall as House Prices Dip

Mortgage rates have continued to decline in the UK, with most lenders lowering fixed rates and remortgage options now available below 4% for various terms. This drop in rates coincides with a slight dip in house prices between March and April, although annual growth remains positive, albeit slower than previous months. The softening in house price growth has been linked to recent changes in stamp duty, which led to a surge in transactions as buyers sought to avoid higher taxes. While mortgage activity is expected to gradually increase into the summer, broader economic uncertainties could still impact future rate trends, so borrowers should not assume rates will keep falling. Experts advise that while the lowest mortgage rates are attractive, borrowers should consider the total cost and their individual needs when choosing a mortgage product.