Searches for the term ‘when will mortgage rates drop’ jumped from next to nothing twelve months ago to nearly 7,000 in June and July.

This is according to the latest figures from Standard Life’s Search Radar.

Standard Life managing director for retail Dean Butler, comments: “Over the last decade returns on cash savings have been meagre. However, eight rate rises in the last twelve months have prompted those with cash to look again at what’s on offer and the search data suggests people are shopping around”.

He adds: “While it’s good news for savers, the search data paints a different picture for borrowers and there’s evidence that mortgage holders are looking for insight on whether rates have peaked.

“This is an anxious time for those coming to the end of fixed rate deals many of whom will be weighing up whether to refix their mortgage or hold off to see whether rates come down at all.”