All eyes are on Threadneedle Street as Nationwide increases fixed rates up to 0.15%

Dariusz Karpowicz, Director at Albion Financial Advice, said: “The much-anticipated January mortgage rate war has fizzled into a damp squib, with Nationwide becoming the final high street lender to march rates upward by 0.15%. “Rather than the New Year bringing cheer for borrowers, we’ve watched the entire mortgage market shift in precisely the wrong direction. The economic tea leaves aren’t offering much comfort either, with swap rates remaining stubbornly high and the Bank of England showing little appetite for rate cuts. “While we might hope for some respite when the stamp duty deadline passes in March, forcing a natural market cooldown, it’s difficult to see any immediate silver linings.” And he added: “The property market seems caught in a perfect storm of rising rates, uncertain inflation figures, and the looming end of stamp duty incentives - leaving both lenders and borrowers watching Threadneedle Street with bated breath.”