This is based on the likelihood that rates are at the lowest they are likely to be at present, and with tracker mortgages around 4% higher than the base rate on average, a return to a 6% base rate in the future would mean a 10% charge on your mortgage. Still think that tracker is good value?

The fact that some lenders are increasing their fixed rates this week suggests that people are catching on and taking up the offers, resulting in the lenders repricing against the demand.

The base rate is likely to stay put for a while, so don’t expect any sudden drastic movements with mortgage lenders interest rates, but at the same time, those borrows currently happily sitting on nice standard variable rates should begin to consider if now is the right time to get fixed in while the rates are here.

A small increase in monthly payments now may be the price you have to pay in order to protect yourself against increasing interest rates in the future.