When the Federal Reserve lowered its benchmark interest rate by half a percentage point in September, it wasn't a particularly surprising move. At that point, the Fed was expected to make its first rate cut of the year in response to cooling inflation.

The mortgage interest rates of 2020 and 2021 may never reappear but, if they do, it will be a gradual process to get them back there (minus a catastrophic economic downturn). Homebuyers and homeowners looking to refinance, then, shouldn't wait for a perfect circumstance that's unlikely to materialize.

Despite the increase in rates, some home buyers were returning to the market, according to the Mortgage Bankers Association. The market composite index — a measure of mortgage a

US mortgage rates continued to rise, building on a recent run-up after Donald Trump won the presidential election.

Major lenders including NatWest and Nationwide have raised their fixed-rate mortgages as market fallout from the Budget “ripples” into pricing. Santander, HSBC and Virgin Money are also upping the rates on some of their loans as the cost of borrowing rises as traders expect interest rates to fall more slowly than previously thought.