Mortgage rates are climbing even as the Bank of England recently cut the benchmark interest rate. Average rates for two-year fixed mortgages now sit at 5.5%, following increases by lenders like Barclays and HSBC. Market expectations surrounding future interest rates and recent government spending pledges have contributed to this trend, complicating affordability for potential home buyers. Though the general trajectory of interest rates is expected to decline over time, borrowers face uncertainty and must remain vigilant as advantageous mortgage deals quickly disappear.