Mark Harris comments on today’s inflation figures: ‘Finally, inflation is not only moving in the right direction but has picked up some pace.

‘Swap rates have been calmer in the past few days, resulting in fewer product pulls from lenders. It seems as though all eyes are on the latest inflation figures to determine what happens next and whether recent market volatility has settled.

‘The markets have reacted favourably this morning, with five-year Swaps falling to 4.74 per cent from 4.97 per cent yesterday. If Swaps continue to move in this direction and there is less volatility in the market, then some lenders may start to reduce their pricing.

‘There is a strong argument for the Bank of England to pause interest rate rises for now, giving the market time to settle down and adjust. Consecutive base rate rises have been painful; it’s time to let them take effect, rather than causing continued anxiety and distress for borrowers.’