Today marks the fifth anniversary since the Bank of England base rate dropped to a record low of 0.5%, benefiting borrowers and savaging savers.

However, figures from comparison site Moneysupermarket.com reveal lenders have already started to price in a 2015 base rate rise.

While mortgage rates are still at pre-credit crunch levels, the average two-year tracker rates are currently 2.79%, 0.29 percentage points higher than in February 2013.

The average rate on two and three-year fixed rate mortgages have also noticeably increased compared to last year, with a current rate of 3.62% for a two-year fix, and 3.97% for a three-year fix. These rates are just 0.17 and 0.55 percentage points lower than March 2009 levels respectively.

The message to homeowners, therefore, is to make the most of low interest rates while they still can.

“Millions of people are currently paying their lender’s standard variable rate and these rates will start rising when base rate goes up, so now is the time to consider moving onto an alternative mortgage,” says Claire Francis, editor-in-chief of Moneysupermarket.

“Fixed rate deals are hugely popular at the moment as borrowers seek to protect themselves from rate increases.”

Francis also suggests homeowners use spare money each month to overpay on their mortgage.

“Reducing the size of your debt will be beneficial in the long run when rates go up -which they will.”

Meanwhile, people looking to take out a personal loan are being urged to cash in on offers now.

While there have been some significant savings in the cost of borrowing over the past five years, rates have started to creep up.

For those looking to borrow more than £7,500, the cheapest loan rate in March 2009 was 7.9%.

Now, borrowers can get 4.5% but that has fallen 0.60 percentage points over the last year alone.

Rates on personal loans below £7,500 remain higher, but they have also fallen over the last five years. The current average rate on the top 10 personal loan at £5,000 has fallen to 5.94 per cent compared to 9.23 per cent in March 2009.

Francis says: “Personal loan rates have fallen dramatically over the past five years, so this is a good time to cash in on the offers if you need to borrow money, maybe to buy a new car or do some home improvements.”