“The first rise in average fixed mortgage rates in eight months is a timely reminder that while we may be past the peak of the rate cycle, volatility hasn’t gone away. Lenders continue to navigate a fine balance between funding costs, swap rate movements and consumer affordability, and even small shifts in inflation expectations or gilt yields can quickly filter through to product pricing.

Whether this marks the start of a broader upward trend will largely depend on how inflation tracks and what comes out of the budget in November. For brokers and advisers, the key is to help clients understand that this is still a competitive market but one that demands agility. Rate changes can happen quickly, so proactive communication and realistic affordability discussions are essential. While the economic backdrop is uncertain, lenders are innovating around product flexibility – from longer-term fixes to green incentives – giving advisers more levers to help clients find solutions in what remains a challenging but active market.“