So interest rates will not, after all, be rising any time soon. Bank of England governor Mark Carney signalled as much last week, casting doubt on all those predictions of an inevitable movement in rates this year.

Mike Coady, managing Director of deVere Mortgages, said: “There always seems to be a stream of important reasons for the bank to keep the rate unchanged. I think the earliest we can now expect a rate rise will be in 2017.“

He said the continuing expectation of ultra -low interest rates as the new normal, and the view that house prices were affordable, “will fuel mortgage applications throughout 2016 and for the next few years at least”.

First-time buyers are putting down smaller deposits and borrowing more, at £128,000 on average (across the UK) or 3.46 times their income, TSB research found last week.

But mortgages are long-term, rates will eventually be higher, and nearly three quarters of homeowners are likely to see their mortgage payments increase when the base rate does rise, with one in five having “no idea” how even a small change could have an impact on their monthly mortgage repayments. “That’s worrying news for more than half of the home-owning population (56%) who say they are already struggling with household bills,” TSB said.

Borrowers should certainly be looking at a fixed rate option, with the average two-year rate mortgage now 2.5%, according to Moneyfacts.

You can lock in for five years at 3.28% or ten years at 3.24%.

Clydesdale Bank this week launched a ‘home mover’ mortgage, allowing borrowing of between 90per cent and 95per cent at a three-year fixed rate of 4.49per cent.

Overpaying on your mortgage while rates are still so low is also the best way of saving – paying an extra £50 a month on a £150,000 mortgage would save almost £8000 in interest and clear the debt 28 months early.

Savers meanwhile continue to wring their hands. Cash Isa rates are still depressed, but Danny Cox, chartered financial planner at Hargreaves Lansdown, warns against being tempted by long-term rates. “A four or five year fixed rate bond may look like a better deal now, but could look poor as and when rates do rise.”

He said one option was peer-to-peer lending with the likes of Zopa, Ratesetter and Funding Circle. “From April this year the new Innovative Finance Isa will allow investors access to P2P products within a new, third way Isa. A good rule of thumb is to work on the basis that the higher the interest rate you are offered, the more risk you are taking on.”

Banks may well overhaul their accounts in the coming weeks, ahead of the introduction of the new personal savings allowance from April. That may take the shine off Isas, as savers will be allowed to earn £1000 in interest from any accounts without paying tax.

Cox said: “Investors can now transfer cash ISAs into a stocks and shares Isa in search of improved returns. This is a riskier option than cash but worth considering by those who are happy to accept the ups and downs of the markets for the potential of longer term gains.”

The FTSE 100 officially moved into ‘bear’ territory this week, as global uncertainties weighed heavily on markets and spooked many investors.

But surveys of online share buyers found more resilience than panic.

Rebecca O’Keefe, head of investment at Interactive Investor, said: “The current market is a scary place for investors. At a time when there is plenty of talk about what you should or shouldn’t be doing with your existing holdings....it would be tempting to sell everything and head for the hills. But despite the heightened uncertainty, over 75per cent of our investors are hanging on to their existing investments and 37per cent now believe the time has come to begin adding to their current holdings.”

The Share Centre reported 59 per cent of its trades since the turn of the year had been buys and 41 per cent sells. Richard Stone, chief executive, said: “For personal investors, bear markets (just like bears) can be frightening. However, they are only an issue if you have to realise your investments at the bottom of that bear market – if you can take a longer term view bear markets can provide buying opportunities.

“History would suggest the recovery after the bear market will be substantially longer than the downturn and will deliver returns in excess of the paper losses. This, of course, has to be caveated with the usual financial warning that past performance cannot be a reliable guide to future performance.”

The Interactive Investor poll found 40 per cent (over 3650 customers) believing the market will remain range-bound and intending to sit on their hands, while 20 per cent believe the market is over-sold and are actively buying. Around 17 per cent see the market as fragile and are dipping toes in the water, while 16 per cent see the market plunging further and are continuing to sell higher-risk assets.

Only six per cent agreed that “this is the start of a pronounced lower leg, I’m staying out”.