Brokers anticipate that mortgage rates will decrease following the Bank of England's decision to maintain its key interest rate. While the Nationwide is the only major lender to have lowered mortgage rates so far, brokers expect increased competition among lenders in the coming weeks. However, they caution that changes are likely to occur gradually, with little chance of an immediate Bank rate cut. The decision to hold the Bank rate at 5.25% was somewhat surprising, providing relief to 1.4 million tracker and standard variable rate (SVR) mortgage holders who have been facing regular payment increases.

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