Have savings and mortgage rates already peaked?

Savings and mortgage rates rocketed after what must now always be known as the 'ill-fated mini-Budget', but even as the Bank of England continues to raise rates have they already peaked.The top fixed rate savings deals have edged down from their highest levels - a five-year fix can no longer be had above 5 per cent, for example, while the best two year fix is at 4.75 per cent.So, if you want to lock into a good savings deal, should you grab one now?Or did rates simply race ahead of the Bank of England and the next round of base rate rises will bump them up some more?On this podcast, Georgie Frost, Helen Crane and Simon Lambert look at the potential future of savings rates and why even if they are slightly off their peak, you should still move your money from old accounts.But if a dip in the top savings rates is bad, the easing of mortgage rates is good news. Average two and five-year fixed rates rocketed all the way to above 6.5 per cent. The best five-year fix is now down to 5.95 per cent.But this is still way higher than it was, so where will mortgage rates settle and is it worth holding off?The team discuss that and the implication for both house prices and first-time buyers.And finally, an energy double header: On a serious note the energy price cap (which we won't pay due to the energy price guarantee) has jumped again, this time to £4,279 for the average household over a year. If we won't pay that, why does this matter?And on a lighter note, what happened when Harry Wallop (who refuses to let his family turn the heating on) tried out a bunch of oddball devices designed to warm the person not the room, ranging from an odd foot warmer, to a heated gilet, and a wearable sleeping bag that makes you look a bit like a crazy caterpillar?Follow us on Instagram @dmgnewmedia.Follow us on TikTok @dmgnewmediaFollow us on X @dmgnewmediaEmail us [email protected] us  020 7938 6000.Hosts: Georgie Frost, Simon Lambert, Lee Boyce, Helen CraneProducer: Georgie Frost Hosted on Acast. See acast.com/privacy for more information.