Mr Hollingworth said the danger for any borrowers endlessly waiting for even lower rates to come is that they do nothing.
If a fixed deal expires, then borrowers automatically move on to their lender’s standard variable rate – which currently carries an average interest demand of 7.99%, which is two-and-a-half percentage points higher than a new two-year deal.
Adviser Jo Jingree, director of Mortgage Confidence, said people in the process of buying or remortgaging could still switch to a better deal if rates continued to fall before their personal deadline.
“I’ve seen first-hand that customers have been able to achieve revised mortgage offers on the lower rates which will save them money on their monthly payments,” she said.
Borrowers should monitor their rates, particularly a few weeks before their mortgage completes, to ensure they are getting the best possible rate, said Aaron Strutt, of broker Trinity Financial.
He expected rates to keep falling, especially if the Bank of England cuts the base rate on Thursday, or later this year.
With the cost of funding mortgages coming down, some in the industry suggest lenders could have cut rates more quickly.
They say lenders are making smaller price cuts week after week when they could be making larger reductions in one go.
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