Paresh Raja, CEO of the specialist lender Market Financial Solutions, said: “Anyone looking for mortgages or to remortgage must remain diligent in assessing all the options available to them.

“Comparing different lenders and products is important, while brokers will undoubtedly continue to play a valuable role in helping people assessing the best options for their particular circumstances.”

Looking ahead at waht could happen with rates, Kevin Mountford, personal finance expert for Raisin UK, said there could be a drop in mortgage rates over the coming weeks.

He said: “Lenders often modify and reprice their products based on market conditions. There has been a lot of volatility in the last few weeks, with rates being removed from the market within 14 days.

“However, people approaching the end of their current mortgage deal can secure a new mortgage deal six months before it expires. This will provide some security, but they can still switch without incurring extra costs if a better rate becomes available.”

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.