Last week, the Fed raised rates for the first time in nine years.

Due to the UK’s close links with the US, it is increasingly likely that the Bank of England could increase the Bank Base Rate, according to Moneyfacts.co.uk.

Charlotte Nelson, finance expert at the independent information provider, said the comparison site has already seen a slight increase in the average mortgage rate, but that it is ‘nothing to worry about’ at around 0.0001%.

However, Nelson admitted rates could go up overnight if Mark Carney, governor of the Bank of England (pictured), makes a speech indicating a potential rise in the New Year.

She added: “The mortgage market has experienced real uncertainty in terms of the timing of a Base Rate rise, and this is unlikely to end soon. The mortgage market is waiting on tenterhooks to see when the Bank of England will raise the rate, and with rumours rife about an increase in 2016, next year will prove to be a tense time in the mortgage market.

“There may be many uncertainties about the future, but one thing we do know is that these record low rates won’t last forever, so anyone looking for a fixed rate mortgage now should act fast to secure the best deal.”

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