Mortgage rates are unlikely to fall again until at least September amid rising oil prices and higher inflation forecasts, experts have warned.

Home loan rates have been falling for several months as the conflict in the Middle East – which sent oil prices hurtling upwards in February and March – looked to be easing.

But the trend has reversed in recent weeks as a fragile ceasefire between the US and Iran ended and disruption intensified in the Strait of Hormuz – through which about one-fifth of the world’s oil and gas typically passes.