Why Mortgage Rates are Increasing

Due to huge increase in inflation, the Bank of England istrying to control it. Target for the inflation rate is 2%. However, it is currently above 10% which is much higher than the target. In an effort to bring the inflation rate down, the BoE is quite frequently increasing  the base rate. This increase is base rate effects the interest rates charged by the bank on loans. Therefore, the mortgage rates are increasing rapidly.