Predicted Mortgage Rates February 2024. The next base rate announcement is on 1 february 2024, but financial markets are forecasting the first rate cut will come in may. “lower mortgage rates will provide a bit of relief for prospective homebuyers, but affordability issues will remain front and center with home prices at record highs,” says mcbride.

Mortgage lenders may be about to press pause on the significant rate cuts seen in recent weeks. High mortgage rates have acted to dampen demand, with the market seeing a fall in activity and properties taking longer to sell.