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The primary inflation measure, the Consumer Price Index (CPI), stood at 3.5% in the 12 months to April, a higher-than-expected increase from the previous month.

The BoE is also trying to balance calming inflation, with ensuring continued economic growth and stable employment.

Read more: Why Rachel Reeves' spending review may lead to tax rises

Data released by the Office for National Statistics (ONS) showed that the UK economy shrank by 0.3% in April, which was bigger than the 0.1% contraction expected by economists.

Paul Dales, chief UK economist at Capital Economics, said that this latest economic growth data "won’t prompt the Bank of England to cut interest rates next Thursday. But it is one more piece of news pointing to another cut in August."

Looking ahead, Sarah Coles, Yahoo Finance UK columnist and head of personal finance at Hargreaves Lansdown, said: "If inflation figures don't hold any surprises, interest rates are held, and expectations stick for two more cuts this year, we could well see rates fall again.

"The way the mortgage market is moving around at the moment means acting fast and taking advantage of opportunities will be key when you’re looking for a deal."

This week, NatWest (NWG.L) was the only lender to cut its mortgage rates, while many other held theirs steady.

HSBC mortgage deals

HSBC (HSBA.L) has a 4.01% rate for a five-year deal, which is unchanged from the previous week. For those with a Premier Standard account with the lender, this rate is 3.98%.

Looking at the two-year options, the lowest rate is 3.96% on a Premier Standard account with a £999 fee, which is also unchanged from the previous week.

Both cases assume a 60% loan-to-value (LTV) mortgage, meaning buyers need to have at least 40% for a deposit.

HSBC offers 95% LTV deals, meaning you only need to save for a 5% deposit. However, the rates are much higher, with a two-year fix at 5.05% or 4.89% for a five-year fix.

Read more: The pros and cons of getting a mortgage into your 70s

This is because their financial situation and deposit size determine the rate someone can get. The larger the deposit, the lower the LTV, allowing buyers to access better deals because lenders consider them less risky.

NatWest mortgage deals

NatWest's (NWG.L) five-year deal is 3.95% with a £1,495 fee, which is slightly lower than last week's 3.99%.

The cheapest two-year fix deal is 3.92%, which is also slightly lower from 3.94% last week. You'll need at least a 40% deposit to qualify for the rates in both cases.

Santander mortgage deals

At Santander (BNC.L), a five-year fix is 4.08% for first-time buyers, which is unchanged from last week. It has a £999 fee, assuming a 40% deposit.

For a two-year deal, customers can also secure a 4.01% offer, with the same £999 fee, which is also the same as last week.

Barclays mortgage deals

Barclays (BARC.L) currently has a five-year fix at 3.99%, which is unchanged from last week. For "premier" clients, this rate dips to 3.98%.

The lowest for two-year mortgage deals is 3.97%, which is also unchanged last week.

Barclays has launched a mortgage proposition to help new and existing customers access larger loans when purchasing a home. The initiative, known as Mortgage Boost, enables family members or friends to effectively "boost" the amount that can be borrowed toward a property without needing to lend or gift money directly or provide a larger deposit.

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Under the scheme, a borrower’s eligibility for a mortgage can increase significantly by including a family member or friend on the application. For example, an individual with a £37,500 annual income and a £30,000 deposit might traditionally be able to borrow up to £168,375, enabling them to purchase a home priced at around £198,375.

However, with Mortgage Boost, the total borrowing potential can rise substantially if a second person, such as a parent, joins the application. In this case, if the second applicant also earns £37,500 a year, the combined income could push the borrowing limit to £270,000, enabling the buyer to afford a home worth up to £300,000.

Nationwide mortgage deals

Nationwide (NBS.L) offers a five-year fix at 4.24%, with a £999 fee and a 40% deposit and is unchanged last week.

Nationwide offers a two-year fixed rate for home purchase at 4.04% with a £999 fee — also for borrowers with a 40% deposit — and is also unchanged from the previous week.

The lender has announced it is changing the eligibility criteria for its mortgage scheme, which allows people to borrow up to six times their income.

The minimum income required to take out a Helping Hand mortgage has been reduced to £35,000 — meaning more people will be eligible for the scheme. The minimum income requirement for joint applications will remain at £55,000.

Helping Hand mortgages enable people to borrow up to six times their income, meaning potential homeowners can borrow 33% more compared to Nationwide’s standard lending at 4.5 times income.

Halifax mortgage deals

Halifax, the UK’s biggest mortgage lender, offers a five-year rate of 4% (also 60% LTV), which is unchanged from the previous week.

The lender, owned by Lloyds (LLOY.L), offers a two-year fixed rate deal at 4.03%, with a £999 fee for first-time buyers.

Read more: How to negotiate house prices

It also offers a 10-year deal with a mortgage rate of 4.78%, which is also the same as the previous week.

The lender has announced the launch of a new 1.5-year fixed-rate remortgage product in response to growing demand among borrowers for shorter-term deals.

Shorter-term fixes offer certainty over monthly payments while allowing households to switch to a new deal sooner to take advantage of lower rates.

Cheapest mortgage deal on the market

As providers start hiking rates, prospective homeowners are quickly running out of good options. NatWest's (NWG.L) 3.95% is currently the cheapest deal for five-year fixes and for two-year fixes at 3.92%, though access requires a hefty 40% deposit.

The average UK house price is £296,648, so a 40% deposit equals about £120,000.

A growing number of homeowners in the UK are opting for 35-year or longer mortgage terms, with a significant rise in older borrowers stretching their repayment periods well into their 70s.

Read more: UK economy shrinks by 0.3% in April

Lender April Mortgages offers buyers the chance to borrow up to seven times their income on loans fixed for five to 15 years. Both those buying alone and those buying with others can apply for the mortgage.

As part of the independent Dutch asset manager DMFCO, the company offers interest rates starting at 5.15% and an application fee of £195.

Skipton Building Society has also said it would allow first-time buyers to borrow up to 5.5 times their income to help more borrowers get on the housing ladder.

Leeds Building Society is increasing the maximum amount that first-time buyers can potentially borrow as a multiple of their earnings with the launch of a new mortgage range. Aspiring homeowners with a minimum household income of £40,000 may now be able to borrow up to 5.5 times their earnings.

Mortgage holders and borrowers have faced record-high repayments in recent years, as the Bank of England's base rate has been passed on by banks and building societies.

According to UK Finance, 1.3 million fixed mortgage deals are set to end in 2025. Many homeowners will hope the Bank of England acts quickly to cut rates more aggressively. At the same time, savers will likely root for rates to remain at or near their current levels.