Now Trump has watered down his tariff plans, will mortgage rates still go down? ...Middle East

Question: I know mortgage rates have started to fall in recent days after Donald Trump’s tariff plans increased the number of interest rate cuts expected this year. But now the plans have been rolled back on somewhat, do we think the mortgage reductions will go into reverse?

Investors feared the start of a global trade war that could push up prices and drag down economic growth. Within days, expectations around interest rates shifted dramatically, with many predicting that the Bank of England would have to step in and cut rates to help steady the ship.

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At the same time, US Vice-President JD Vance has been talking up the possibility of a UK-US trade deal, which has helped calm the waters. Naturally, that has prompted many to ask whether mortgage rates will still fall as sharply as first expected.

While the immediate panic has eased, the underlying uncertainty remains. The global economy is still in a delicate position and although the tariffs have been delayed, they have not been scrapped. There is no real clarity yet on where things are heading. Trump’s style of policymaking has always been unpredictable, and this latest episode only reinforces that.

And we are already starting to see some of that filter through. Swap rates, which lenders use to price fixed-rate mortgages, have fallen noticeably. That has allowed several lenders to offer more competitive deals, including fixed rates under four per cent. For those looking to buy or remortgage, that is a positive development.

In practical terms, what does this mean if you are a homebuyer or remortgager?

Speaking to a mortgage adviser or broker is a smart move in this environment. They can help you track which lenders are adjusting rates in real time and make sure you are not missing out on a deal that suits your needs.

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