Will Mortgage Interest Rates Drop In 2024 Uk. There is widespread consensus that the bank of england will cut interest rates by a quarter percentage point (0.25%) in september, taking it to 4.75%. As of october 2024, the base rate remains at 5%.

In 2025 it is expecting interest rates to fall to 4pc, gradually coming down by 0.25 percentage points each quarter to hit 3.25pc by the end of 2025. The bank of england kept interest rates on hold at 5% in september, but a further cut is expected later in the year.