Mortgage rates decline after the BoE decision to maintain its interest rate.

The UK's average mortgage rate has already declined as a result of concerns that the base rate of the central bank won't rise as much as originally anticipated.

Bank of England's decision to maintain Britain's base interest rate at 5.25%, according to Moneyfacts.

According to the comparison website, a two-year fix currently normally carries an interest rate of 6.56%, down from 6.58% before the central bank's announcement on Thursday.

While this was happening, lenders responded to the Bank's first halt in rate increases this year by lowering the interest rate on the typical five-year fixed mortgage from 6.07% to 6.06%.

Nationwide nearly immediately lowered rates on the announcement yesterday, and TSB, HSBC, and NatWest had already made this week's reductions known.

Mortgage rates may continue to decline as banks revert to decisions they made earlier this year when higher peak interest was anticipated, according to analysts.

(Sources: investing.com, proactiveinvestors.co.uk, moneyfactsgroup.co.uk)