Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of trends in the level of borrowing costs on mortgages.

The Government does not comment on specific financial market movements. Government borrowing costs are determined by a wide range of international and domestic factors, and it is normal for the price and yields of gilts to vary, especially in the context of wider movements in global financial markets.

The pricing of mortgages, which is influenced by a number of factors, is a commercial decision for lenders in which the Government does not intervene.

Headline average mortgage rates are materially lower than the recent peaks seen in Summer 2023 and Autumn 2022.