It has been widely reported that mortgage rates have risen due to the Bank of England raising the base rate of interest. However, the forecast for where rates may peak has come down substantially. Lenders had already built a peak base rate of up to 6% in to their new products and as this starts to look less likely fixed rates have started to adjust downwards. With some forecasts predicting fixed rates may be below 4% early in 2023. Positive news on mortgage rates can only be a good thing for the housing market as we move in to 2023!