Mortgage rates reached a record low at the end of 2014, with an average rate of 2.08%. This is the lowest rate since records began in 1995.
Rates had started to creep up earlier in 2014 on the expectation that the bank interest rate would increase. When it did not, mortgage rates fell back.
Interest rates on personal loans have also fallen to 4.94% for a £100,000 personal loan.