First Time Buyer, Mortgage Rates

Librium

Hi I'm in the process of buying my first flat, I was wondering with the drop in interest rates and the Government insisting that the banks bring lending back to 2007 levels can we expect to see a drop in Mortgage rates any time soon?

I know that the banks are trying to make more profit and so didn't pass on the 0.5% interest rate drop immediately and that bringing lending to 07 levels doesn't mean the rates just the amount of lending; but wouldn't more products mean more competition and therefore a better deal for the consumer?

Just wondering what some of the mortgage brokers on here are expecting to see in the next couple of weeks.