Ranald Mitchell, director at Charwin Mortgages, is clear about what you should do. “Inflation’s up, and that rate cut everyone was banking on? It might be off the table,” he said.

“If you’re hoping mortgage rates will drop, think again. This could send them the other way.

“Don’t hang around, lock in a deal now before lenders yank their best rates. Waiting could cost you, potentially dearly.”

Justin Moy, managing director at EHF Mortgages, agreed it’s “unlikely” we’ll see any rate cuts in the near future. “We may see some rate stagnation over the summer, as activity does slow down for the holiday period,” he said.

“If your current mortgage deal is due for renewal in 2025, act now. Now is a great time to grab a deal, as some of the lowest rates we have seen for a couple of years are now available for borrowers.”

David Stirling, director at Mint Mortgages and Protection, takes a similar view. He said: “Just when we thought the Bank of England was set to slash rates, this stubborn inflation data has thrown a spanner in the works.

“My message to borrowers is simple: grab your rate now. Don’t wait around hoping for better deals and if cheaper rates pop up later, most lenders will let you switch.

“At least you’ve got certainty and not left guessing. The bottom line is nobody has a crystal ball.

“This week’s shock data proves that things can flip fast. Don’t get caught out – act now.”

Others stressed that locking a deal in now doesn’t necessarily mean you’re stuck with it. Ross Lacey, director and independent financial adviser at Fairview Financial Management, said: “There’s nothing to lose by locking in a new mortgage deal as soon as possible, which can be up to six months before your existing deal ends.

“It doesn’t commit you to going ahead with it, but means you can hedge against future rate increases between then and now, and also benefit from any rate reductions should they come. Working with a broker who will do this on your behalf and keep in the loop on the changing market is a must.”

And Dariusz Karpowicz, director at Albion Financial Advice said: “Today’s inflation bump has put that expected rate cut firmly on the back burner.

“Don’t hold your breath for August relief. Here’s the reality: mortgage rates are currently at their most competitive levels in months, but this could flip overnight if swap rates surge on inflation fears.

“My advice? Lock in now whilst the going’s good.

“Most lenders honour your reserved rate if markets move against you, but crucially allow switches to better deals if rates fall. It’s a no-brainer – you’re protected from nasty surprises but can still benefit from any pleasant ones. In this game of musical chairs, hesitation costs money.”