Mortgage Rates Drop as Lenders Compete for Homebuyers Amid Hot Housing Demand

• Race to base rate cuts has begun, signaled by Bank of England interviews • January saw positive mortgage market activity, but February saw rates increase again due to inflation concerns
• Survey shows 68% of mortgage advisers have seen demand increase recently • Several lenders already started reducing rates this week following positive inflation data • Industry should innovate further to help more renters buy homes