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Rightmove has issued an update to mortgage holders across the UK after the Bank of England has held the base rate at four per cent. The Bank announced its decision on interest rates today (November 6) following its seventh Monetary Policy Committee (MPC) meeting of the year. Interest rates have been held in a bid to keep inflation close to the government's target of two per cent. Last month, it was announced that inflation remained unchanged, and has now been sat at 3.8 per cent for the third month in a row. Join the Manchester Evening News WhatsApp group HERE Speaking after the announcement, Andrew Bailey, governor of the Bank of England, said: "We held interest rates at four per cent today. We still think rates are on a gradual path downwards but we need to be sure that inflation is on track to return to our two per cent target before we cut them again." The current view is that we might see a 0.25 per cent base rate cut at the next Bank of England meeting in December, but this forecast could change depending on things like inflation and the upcoming Autumn Budget. Rightmove has now weighed in on mortgage rates, and what the current base rate hold means for homeowners. “Ahead of one of the most widely anticipated and discussed Autumn Budgets of recent times, it was unlikely the Bank would go for another interest rate cut so close to the announcement and has opted for stability instead," says Rightmove's mortgage expert, Matt Smith. "There’s still a good chance of a rate cut before the end of the year, depending on what is announced in a couple of weeks’ time, and if not then we’re looking at early 2026. “Some good news is that the cost of financing mortgages has actually come down in recent weeks. We’ve started to see some lenders become more competitive in certain segments of the mortgage market in recent days, and offer some headline-grabbing cheaper rates, as they look to secure some final business before the end of the year. Matt added: "The average two-year fixed mortgage rate is now 4.44 per cent – down from 4.95 per cent at this time last year. The downward trend is good, but mortgage rates have come down more slowly than many were predicting at this time last year. "Rates have come down even more slowly for five-year products. With the uncertainty surrounding how the upcoming Budget will impact people’s finances, another rate cut soon followed by some notable reductions in mass-market mortgage rate products would be a big boost to home-mover sentiment and affordability.” Changes to the Bank’s base rate can impact how much interest you’ll pay on mortgages. If you’re on a fixed-rate deal, your monthly payments won’t change until the end of your deal. If you’re on a variable or tracker mortgage, this month’s base rate hold will also mean your monthly payments remain the same. "If you’re coming to the end of your fixed-rate mortgage soon, you’ve probably already started to think about the rate you’ll be offered on your next deal," Rightmove explained. "Our remortgage calculator will show you new estimated monthly repayments from your current lender, and the 10 largest UK lenders. You can also check the current average remortgage rates here. "A good way to find out how much you could borrow is to use a mortgage calculator. And to get a personalised result by applying for a Mortgage in Principle which will take you one step closer to a mortgage offer." The Bank’s MPC meets every six weeks to discuss and vote on whether interest rates should go up, down, or stay the same. "History has shown that after interest rates have increased over time, they have remained flat before starting to come down gradually," Rightmove says. "The Bank of England will be conscious not to make additional cuts too early, and the markets are predicting the Base Rate might be reduced next month, at the final meeting of 2025. "Though as always, this could change depending on what happens in the broader economic environment." The next decision on interest rates will be announced at 12pm on Thursday, December 18, 2025. Sign up to our Manchester property newsletter here
