By bizn_fun 
The Bank rate has a big impact on the interest homeowners face when taking out a new fixed-rate mortgage.
Lenders use the Bank rate to set their own rates. As a result, the expectation of interest rate rises can push up mortgage rates while the expectation of interest rate cuts can pull mortgage rates down.
Mortgage rates have dropped very slightly since the MPC’s last meeting in August, but further moves are uncertain, according to Rachel Springall, from the financial information service Moneyfacts.
“Many will be waiting with bated breath for the Budget. This waiting game, alongside forecasts for inflation to remain above target, makes it less likely for the Bank of England to make further rate cuts this year,” she said.
She said that savers had seen a downward trend in returns during the time when the Bank has been lowering the Bank rate.
“The average easy access [savings] rate has fallen further below 3%, so savers must act now and switch their variable rate account if it no longer pays a decent return on their hard-earned cash,” she said.