As Rightmove’s mortgage expert Matt Smith explains: “Average rates across five-year and two-year fixed products have seen their first weekly drop since mid-April, as the more positive economic news in recent weeks begins to filter through to the mortgage market and lenders tentatively begin to reduce rates”.

He adds: “As previously seen, lenders are likely to be waiting for this week’s base rate announcement before any further action so they can act with a little more certainty – but without any market surprises, we expect rates to reduce further in the coming weeks and potentially accelerate depending on how positive the signs are.”

On a year-on-year comparison UK homeowners still face a major increase in rates.

According to Rightmove’s latest data, the average five-year fixed mortgage rate is now 6.08%, up from 3.69% a year ago

The average two-year fixed mortgage rate is now 6.61%, up from 3.66% a year ago

The average 85% LTV five-year fixed mortgage rate is now 6.15%, up from 3.63% a year ago

The average 60% LTV five-year fixed mortgage rate is now 5.82%, up from 3.44% a year ago

The average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% LTV mortgage, is now £1,253 per month.