Positive signs have been showing when it comes to the mortgage and housing market. The Nationwide Building Society’s figures on the house price index shows that these prices have risen again and have done it again for the third time in June. Additional, according to the Bank of England, mortgage approvals have risen for five month in a row ending in June.

One of the problems, however, is that there seems to be a shortage in product choice at the moment. Tracker products have seen a reduction in over 80% during the past 12 month period. According to Moneysupermarket, wholesale borrowing costs have been lower with a 20-year low in the basic wholesale rate, the one that the Bank of England charges as it its base rate.

The mortgage expert at Moneysupermarket.com, Louise Cuming states, "The fall in the number of mortgages, highlights how the last 12 to 18 months have seen a complete meltdown in the market. Coupled with that, we’ve got mortgage rates that are completely divorced from the wholesale borrowing rate and to add insult to injury, mortgage rates are at their highest level for months. It’s a stark reminder that lenders call the tune and competition is no longer the name of the game."

Do you want a tracker rate right now? They’re not a bad shot as long as the base rate stays as low as it currently is, at 0.5%, but if that rate sees an increase anytime soon, you’ll likely want to make the changed to a fixed rate. Sure it may be higher, but the chances of fluctuation isn’t there to contend with.