--- title: Stagnant Mortgage Rates In June 2024, Hope Of Autumn Cut description: Despite falling inflation, the Bank of England has left interest rates at 5.25% in June 2024 but experts predict a cut in August after the UK election. image: https://www.callunafinancial.co.uk/hubfs/blog/financial-meeting.jpg --- [Skip to main content](https://www.callunafinancial.co.uk/blog/stagnant-rates-election-uncertainty-optimism-for-autumn-cuts#main-content) [![Calluna Financial](https://www.callunafinancial.co.uk/hubfs/calluna-financial-logo-mono-white.svg)](https://www.callunafinancial.co.uk) - [Home](https://www.callunafinancial.co.uk) - [Show submenu for Mortgages Mortgages](https://www.callunafinancial.co.uk/mortgages) - [First Time Buyers](https://www.callunafinancial.co.uk/first-time-buyers) - [Remortgage](https://www.callunafinancial.co.uk/remortgage) - [Moving House](https://www.callunafinancial.co.uk/moving-house) - [Buy-To-Let](https://www.callunafinancial.co.uk/buy-to-let) - Show submenu for Our Advisers Our Advisers - [Aberdeenshire](https://www.callunafinancial.co.uk/aberdeenshire) - [Clacks, Stirling & Falkirk](https://www.callunafinancial.co.uk/stephanie-english) - [Edinburgh](https://www.callunafinancial.co.uk/edinburgh) - [Glasgow](https://www.callunafinancial.co.uk/allan-coll-glasgow) - [Inverness](https://www.callunafinancial.co.uk/inverness) - [Protection](https://www.callunafinancial.co.uk/protection) - [Show submenu for Mortgage Tools Mortgage Tools](https://www.callunafinancial.co.uk/mortgage-tools) - [Mortgage Calculator](https://www.callunafinancial.co.uk/mortgage-calculator) - [Repayment Calculator](https://www.callunafinancial.co.uk/calculator-repayments) - [LBTT Calculator](https://www.callunafinancial.co.uk/calculator-lbtt) - [Mortgage App](https://www.callunafinancial.co.uk/mortgage-app) - [Jargon Buster](https://www.callunafinancial.co.uk/jargon-buster) - [Mortgage FAQs](https://www.callunafinancial.co.uk/mortgage-faqs) - [Show submenu for About Us About Us](https://www.callunafinancial.co.uk/about-us) - [Self-Employed Agents](https://www.callunafinancial.co.uk/self-employed-agents) - [Refer A Friend](https://www.callunafinancial.co.uk/refer-a-friend) - [Blog](https://www.callunafinancial.co.uk/blog) - [Contact Us](https://www.callunafinancial.co.uk/contact-us) Open main navigation Close main navigation - [Home](https://www.callunafinancial.co.uk) - Show submenu for Mortgages Mortgages - Mortgages - [Mortgages](https://www.callunafinancial.co.uk/mortgages) - [First Time Buyers](https://www.callunafinancial.co.uk/first-time-buyers) - [Remortgage](https://www.callunafinancial.co.uk/remortgage) - [Moving House](https://www.callunafinancial.co.uk/moving-house) - [Buy-To-Let](https://www.callunafinancial.co.uk/buy-to-let) - Show submenu for Our Advisers Our Advisers - Our Advisers - [Aberdeenshire](https://www.callunafinancial.co.uk/aberdeenshire) - [Clacks, Stirling & Falkirk](https://www.callunafinancial.co.uk/stephanie-english) - [Edinburgh](https://www.callunafinancial.co.uk/edinburgh) - [Glasgow](https://www.callunafinancial.co.uk/allan-coll-glasgow) - [Inverness](https://www.callunafinancial.co.uk/inverness) - [Protection](https://www.callunafinancial.co.uk/protection) - Show submenu for Mortgage Tools Mortgage Tools - Mortgage Tools - [Mortgage Tools](https://www.callunafinancial.co.uk/mortgage-tools) - [Mortgage Calculator](https://www.callunafinancial.co.uk/mortgage-calculator) - [Repayment Calculator](https://www.callunafinancial.co.uk/calculator-repayments) - [LBTT Calculator](https://www.callunafinancial.co.uk/calculator-lbtt) - [Mortgage App](https://www.callunafinancial.co.uk/mortgage-app) - [Jargon Buster](https://www.callunafinancial.co.uk/jargon-buster) - [Mortgage FAQs](https://www.callunafinancial.co.uk/mortgage-faqs) - Show submenu for About Us About Us - About Us - [About Us](https://www.callunafinancial.co.uk/about-us) - [Self-Employed Agents](https://www.callunafinancial.co.uk/self-employed-agents) - [Refer A Friend](https://www.callunafinancial.co.uk/refer-a-friend) - [Blog](https://www.callunafinancial.co.uk/blog) - [Contact Us](https://www.callunafinancial.co.uk/contact-us) # Stagnant Rates, Election Uncertainty, Optimism for Autumn Cuts ![John O'Malley](https://www.callunafinancial.co.uk/hs-fs/hubfs/staff/img__john-omalley.jpg?width=50&height=50&name=img__john-omalley.jpg) ![John O'Malley](https://www.callunafinancial.co.uk/hs-fs/hubfs/staff/img__john-omalley.jpg?width=50&height=50&name=img__john-omalley.jpg) Written by [John O'Malley](https://www.callunafinancial.co.uk/blog/author/john-omalley) 20 June 2024 As expected, interest rates have remained stagnant at 5.25% in June 2024, despite the recent announcement of lower than anticipated inflation. The forthcoming UK parliament election is overshadowing other news at the moment, and creating a degree of uncertainty, which tends to lead to a more cautious approach when it comes to economic decisions. However, with the Consumer Prices Index (CPI) falling to 2% from a high of 11.1% in 2022, we are feeling more optimistic that an interest rate reduction can’t be too far away. Inflation is now at the government’s target level. > To keep inflation low and stable, the Government sets us an inflation target of 2%. This helps everyone plan for the future. If inflation is too high or it moves around a lot, it’s hard for businesses to set the right prices and for people to plan their spending. > > Bank of England Inflation in the service sector has not fared as well, and that metric will be one of the key factors holding the Bank of England back from making cuts. [According to Thomas Pugh, an economist at RSM UK](https://uk.finance.yahoo.com/news/uk-interest-rates-bank-england-general-election-050000817.html), said: “Services inflation, which is a better measure of underlying price pressures in the economy than headline inflation, missed expectations again, only slowing to 5.7% against expectations of 5.5%.” The next decision on interest rates will be on 1 August, which gives the dust time to settle after the election. Predictions are mixed but there appears to be a possibility of a small cut at that point and another one later in the year. In terms of the mortgage market, lenders will be poised to move their rates in August and property sellers may be tempted to hold off until the end of the summer before they put their house on the market. The effect is likely to spread the usual peak sales period into the autumn. This could potentially help sellers who decide to go ahead sooner as there will be less competition, which is important if buyers decide to hold off and wait for lower mortgage rates. Overall, while there is no actual good news for those who want to [take out a mortgage now](https://www.callunafinancial.co.uk/mortgages), or those whose [mortgages renew](https://www.callunafinancial.co.uk/remortgage) in the next few weeks, but we are feeling a lot more positive about the likelihood of reductions in the autumn of 2024. If you want to talk over your mortgage options, please [have a chat with us](https://www.callunafinancial.co.uk/contact-us), as we can help you find the best deal for your individual situation. ![Risk & fee wording. Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.](https://www.callunafinancial.co.uk/hs-fs/hubfs/gray-1-col2.jpg?width=890&height=208&name=gray-1-col2.jpg)   ### **Proudly Accredited with Own New** Calluna Financial is now an approved broker for the Own New scheme, a powerful initiative designed to make buying a new build home more accessible through innovative shared equity solutions. This accreditation allows us to support housebuilders in accelerating sales and help buyers step into homeownership with reduced upfront costs and competitive mortgage rates. 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Subscribe here to receive mortgage tips and advice from our blog by email every month. - [Terms and Conditions](https://www.callunafinancial.co.uk/terms-and-conditions) - [Privacy Policy](https://www.callunafinancial.co.uk/privacy-policy) - [Cookie Policy](https://www.callunafinancial.co.uk/cookie-policy) - [Your Rights](https://www.callunafinancial.co.uk/your-rights) - [IDD](https://www.callunafinancial.co.uk/idd) - [Contact Us](https://www.callunafinancial.co.uk/contact-us) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "John O'Malley", "url" : "https://www.callunafinancial.co.uk/blog/author/john-omalley" }, "dateModified" : "2025-02-19T17:02:47.576Z", "datePublished" : "2024-06-20T12:47:03.000Z", "headline" : "Stagnant Mortgage Rates In June 2024, Hope Of Autumn Cut", "image" : [ "https://www.callunafinancial.co.uk/hubfs/blog/financial-meeting.jpg" ], "mainEntityOfPage" : { "@id" : "https://www.callunafinancial.co.uk/blog/stagnant-rates-election-uncertainty-optimism-for-autumn-cuts", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.callunafinancial.co.uk/hubfs/calluna-financial-logo-mono-white.svg" } } } ``` ```json { "@context" : "schema.org", "@type" : "VideoObject", "contentUrl" : "vimeo.com/1009161022?fl=pl&fe=ti", "description" : "An STV television commercial created for Calluna Financial.", "embedUrl" : "player.vimeo.com/video/1009161022?badge=0&autopause=0&player_id=0&app_id=58479", "name" : "Calluna Financial - STV Commercial", "thumbnailUrl" : "i.vimeocdn.com/video/1952204903-ce53847e0caac258ad941f0cfe93e52f8a2404e8acb5a156e9c950cb34b1c5ee-d?mw=1800&mh=830", "uploadDate" : "2025-05-23T12:34:28TZ" } ```