How worried should we be about rising mortgage rates?

Government borrowing costs - which directly impact mortgage rates - have risen to their highest rate since last September when the Liz Truss mini-budget sparked days of turmoil on the financial markets.

The fact that this is not the same market panic as last autumn will come as little respite to many people renewing their mortgages. There is an important difference to the mini-budget aftermath. The moves are being seen mainly in short-term rates. The real problem last autumn was for longer term 10- and 30-year borrowing, which saw significant moves in yields, the result of a loss of market confidence in the then government's tax and spend plans. Current rates for such long-term borrowing are still well below that market panic.

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