Britain's major banks, including Halifax, HSBC UK, Barclays, Santander, and NatWest, are reducing mortgage rates to attract borrowers amid rising competition. This move offers some relief to those seeking better deals, although rates remain higher than previous years due to the current high-interest environment. With 1.6 million mortgages coming off fixed rates this year, banks like Barclays and HSBC are cutting rates across various mortgage products, including residential and buy-to-let. Yorkshire Building Society and Halifax have also reduced rates, with Halifax offering a five-year fixed-rate mortgage at 4.26% for those with a 40% deposit. The Bank of England's base rate remains at 5.25%, but with inflation hitting its 2% target, a base rate cut is anticipated. The housing market shows signs of recovery, with UK house sales increasing for the fifth consecutive month in May.