Mortgage Rates in 2024

Everything you need to know about Mortgage rates in January 2024.

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by Mark Robinson, Director – Albion Forest

With many lenders reducing mortgage rates in January things are finally looking up in the world of home ownership. For the most part the last 12 months have been a rollercoaster for many, with their fixed rate products coming to an end and facing much higher rates, or first time buyers struggling to get onto the ladder.

The start of 2024 has shown there is light at the end of the tunnel. With mortgage rates in 2024 dramatically reducing and lenders showing they are ready to get back to lending.

So what’s actually happened?

Many of the larger lenders have reduced their rates in order to get things moving, and this has had a knock on effect with the smaller lenders starting to follow suit. This therefore means that rates across the board have fallen with many looking at dramatically lower monthly payments than a few months ago.

So what’s next?

No one has a crystal ball, and there are a plethora of variables that mean we can’t guarantee anything, but at the moment it looks like rates are stabilising. So they may maintain at this level for a while. Whilst we would love to post what rates are, they change so often that we can’t keep it updated. However, we are now seeing mortgage rates under 4% for 2024.

What about buy to let mortgage rates in 2024?

Buy to let mortgage rates tend to follow a similar trend as residential rates, and this therefore means that they should come down slightly. However, buy to let mortgage rates tend to be slightly higher than residential rates, so don’t expect them to be that low for a while yet.

Here’s some frequently asked questions about mortgage rates in 2024:

Will mortgage rates fall in 2024 in the UK?

It’s only January 2024 and mortgage rates have already begun to fall in the UK. The real question at this point is will they fall further? The likelihood is that as the Bank of England reduces the base rate, along with other factors, that mortgage rates will continue to fall throughout 2024.

The real question is by how much? Whilst we cannot give a definitive answer, we do expect them to fall further overall throughout 2024.

How high will mortgage rates go in 2024 in the UK?

This is one we were asked a lot throughout last year, currently the trend is downwards overall throughout the year. Rates started the year very high, and as long as inflation continues to fall and the Bank of England begins to lower the base rate we may see falling rates all year. After the last recession it took a few years for rates to return to ‘normal’.

Are UK mortgage rates likely to go down?

Short answer is yes, rates are expected to reduce throughout 2024. However, this does not mean they will necessarily be constantly falling. We expect rates to be lower at the end of the year than the beginning, but there may be ups and downs throughout the year.

Is 2024 a good year to buy a house in the UK?

In my opinion there is never a particularly good or bad time to buy a house in the UK. If you are already a homeowner, whatever is going on in the market will also be affecting the sale of your property. The main people that may have a ‘good’ or ‘bad’ time to buy will be first time buyers. As a first time buyer in 2024 you may find that with rates coming down there is more competition for people buying. This isn’t good as it may mean properties sell for higher prices. So whilst rates may be coming down, this could potentially increase house prices.

However, with low rates and a healthy stock of properties available, 2024 may be the perfect year to get your foot on the property ladder.


Rates will always go up and down over time, the main thing we are looking for in 2024 is that the rates come down overall to a lower average. This is likely to happen as long as inflation and the base rate fall over the course of the year.

We’ll try and keep you all updated on what’s going on throughout the year and how we can help!

Got a question on getting a mortgage in 2024? Get in touch!

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