Homeowners have been warned not to expect mortgage rates to come down “any time soon” despite the Bank of England’s latest no-change decisionHomeowners have been warned not to expect mortgage rates to come down “any time soon” despite the Bank of England’s latest no-change decision. Mortgage rates have been rising in recent weeks ahead of the Bank’s vote as renewed inflation fears are stoked by fighting between the US and Iran after peace talks broke down. “Unless the economic backdrop improves significantly, borrowers should not expect mortgage rates to fall much any time soon.” The recent 0.16 percentage point increase in new mortgage rates has added around £230 extra a year for someone borrowing £200,000 over a 25-year term, Moneyfacts calculations reveal. The average new savings rate has reached its highest for over a year, at 3.59%, while fixed savings deals are at a two-year high, at close to 5%, Moneyfacts data shows.