Homeowners are being urged to consider locking in with a low fixed rate mortgage, as the price of homeloans may soon surge.
This is because the price of mortgages partly reflects Bank of England base rate - currently at record lows of 0.1%.
But Bank of England governor Andrew Bailey warned on Monday that this rate could rise next year to help offset rising inflation.
But homeowners could hedge against this by taking out a fixed-rate mortgage, which are currently extremely cheap.
Nick Mendes, of mortgage broker John Charcol, said people coming to the end of a fixed-term loan should remember they can lock in with one of these super-cheap mortgage before their term expires.
Doing this soon would mean being protected for a bit longer if base rate does go up next year - and mortgage rates with it.
"When you come to the end of your fixed rate, you can go to a lender and fix a deal six months in advance," he said. "Being able to prepare and look at your options now is important."
The cheapest mortgage on the market is 0.79% for a two-year fixed rate loan, from lender Platform - the cheapest-ever UK mortgage.
However, the deal does have some strings attached.
You cannot apply if you are borrowing more than 60% of the value of your home, and it has a high fee of £1,499.
Are you worried about mortgage rates going up? Let us know in the comments below
This year has seen a succession of super-cheap homeloans.
In August Nationwide released a 0.99% two-year fixed rate - the cheapest ever, at the time.
This was followed by Halifax at 0.98%, which it then slashed to 0.9% and then 0.83% - before Platform went even lower.
See our guide on how to remortgage, here.
Why are mortgage rates so low?
The Bank of England base rate has been low since 2020 - but lenders did not pass it on until this year.
There are several reasons why homeloans suddenly became so cheap.
Firstly lenders may have been worried about their own profits during the worst of the coronavirus outbreak, and not feeling particularly generous.
But experts also think mortgage lenders are being super-competitive with lower-deposit mortgages to balance out the rush of riskier first-time buyer mortgages this year.
Banks see first-time buyers as much more likely to default on mortgages, as they tend to borrow higher amounts.
Not only that but they are often younger and less established in their careers.
There have been a lot of first-time buyers this year because in April the government launched Treasury-backed 95% mortgages.
Under the government guarantee scheme, banks and building societies offer mortgages to borrowers with just a 5% deposit, with the government acting as the guarantor if the buyer defaults on their payments.
Fixed-rate mortgage prices are also heavily affected by swap rates - the rate at which mortgage lenders borrow money from one another.
When swap rates fall, so do fixed-rate mortgages. It's not an exact system, but it's a good rule of thumb.
As swap rates have been so low this year, and for most of 2020, fixed-rate loans are falling in line with this.
