Interest rate rises made by the Bank of England have helped calm the mortgage market, experts have claimed.

The Bank has raised the base rate three times this year – in January, May and July – which Katie Tucker, of mortgage firm John Charcol, says is giving both lenders and consumers a break from the frenzy of previous months.

"This year''s Bank rate increases are slowing the housing market as intended," she said, referencing a report from the Bank which earlier this week revealed that mortgages approvals had fallen by ten per cent from September 2006 to September 2007.

As a result, lenders are no longer rushing to price and re-price their mortgage products and an increasing number are "now offering a good selection of fixed rates for two, five and ten years".

"Homeowners, who are due a rate shock when their fixed rate reverts to the lender''s standard variable rate can choose between the protection of several competitive fixed rates, or the potentially falling variable rates. The good news is that many of these are available with re-mortgage freebies."

Earlier this week, research by GE Money Home Lending claimed that 43 per cent of mortgage brokers believe that interest rates will fall by February next year.

The Bank''s monetary policy committee is due to decide on this month''s rate on November 8th.