Mortgage rates should remain affordable for some time as long as people take sensible precautions when taking out a home loan.
Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML), said that the outlook for the base rate is that it will remain at the current low level for some time.
However, this does not necessarily determine what lenders charge borrowers.
"That is a function of how easy, difficult or expensive it is to raise funding," Mr Clarke said.
"Clearly there are upward pressures at the moment, but unless we see a very large degree of disruption - perhaps as a result of developments in Europe - rates should remain affordable by historical standards."
In order to stay in the black, homeowners should shop around for the best deal and consider locking in to a fixed rate to protect them from any unexpected hikes.
While tracker rates are probably a better deal at the moment, homeowners must ensure they have the ability to keep up with repayments should their rate rise.