Mortgage search activity followed a familiar pattern after the Bank of England (BoE) held the base rate at 4% yesterday, 6th November, analysis from Twenty7tec found.
Searches built up before the announcement, dipped on the day itself, and are expected to surge on the following Monday.
Data from the past five years showed the Tuesday before the decision is usually the busiest day of the month, with the Tuesday nine days before as the second busiest.
Decision day ranked as only the tenth busiest day in the four weeks leading up to each announcement.
On a seven-day rolling basis, the busiest period always falls between the Tuesday before and the Monday after each announcement.
The week surrounding a hold decision saw the most activity, with 360,508 searches, compared to 357,145 for a rise and 348,206 for a drop.
Twenty7tec said this trend reflects how steady rates boost borrower engagement.
On 4th November, there were 56,511 standard residential mortgage searches, up 13.1% from the previous week.
On decision day, searches stood at 55,704.
Monday is expected to be the busiest day of the month.
Nakita Moss (pictured), head of lender at Twenty7tec, said: “With this decision marking the last major rate announcement of the year, we anticipate strong activity in early November, a short dip in December, and the usual sharp rebound in the first working days of January – one of the busiest periods for mortgage sourcing.”
Nathan Reilly, commercial director at Twenty7tec, said: “If we were to give brokers and lenders just one piece of advice on Decision Rate Day, it would be this: don’t take Monday off.
“Once the Bank makes its move, lenders spend the weekend adjusting products, and by Monday, the systems are updated and borrowers are ready to act. It’s the same pattern every time.”
