Mary-Lou Press, the president of Propertymark, said: “Confidence in the housing market is highly sensitive to expectations around mortgage costs, with even small shifts in sentiment influencing whether buyers proceed or pause.
“It is not only actual rate movements but expectations of future costs that are shaping activity.”
Adrian Anderson, of mortgage brokers Anderson Harris, said some of his clients had changed their minds about whether to take a fixed-term mortgage or opt for the variable rate.
He added: “There aren’t really any signs, or data really, that’s saying that it will be sorted quickly. Lots of uncertainty.
“Some clients are thinking of variable trackers because fixed-rates are too high. Some clients are thinking longer-term fixes, because rates are going to go up. Everyone has a different opinion on a different day.”
On Tuesday, the average two-year fixed mortgage was 5.77pc, according to Moneyfacts, with the average five-year fix at 5.68pc. The average tracker rate was lower, at 4.61pc.
