Comparethemarket has reported that site visits to its mortgages page increased by over 60% within the first 24 hours of last week’s interest rates announcement.

The Bank of England (BoE) confirmed a tenth increase in a row to its base rate on Thursday last week, to take interest rates to 4%, the highest level in 14 years.

Comparethemarket suggested there is still a “significant concern” from many borrowers about the impact on mortgage repayments and deals.

By comparison, however, site visits are lower than they were in September and November last year when the BoE raised rates, with visits increasing 166% and 177% respectively. Some fixed mortgage rates are now decreasing too, with certain lenders offering between 4.1-4.5%, according to Moneyfacts data. 

“Only a few months ago, we saw rates above the 6% mark,” commented director at Comparethemarket, Alex Hasty.

“All this could indicate that homeowners are becoming accustomed to this new rate environment. However, if you are coming to the end of your fixed term soon, you could see your new monthly payments significantly increase.

“Discussing your options with an expert like a mortgage broker can help you make the best decision for you. Comparethemarket offers an online mortgage comparison service and mortgage calculators to help you get an idea of your mortgage options.”

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