IFAs believe lenders have hit the point where they do not want to pass on the full base rate cut to their borrowers.
Halifax and Nationwide, which normally lead the marketplace in rate cuts, say they are reviewing rates following this week's 0.25 per cent base rate cut.
But many brokers have contrasted this with prompt cuts made in response to previous base rate cuts.
London & Country Mortgages senior manager Patrick Bunton says: "Lenders are trying to balance the interest of savers with borrowers, as they are worrying it has swung to far against savers."
John Charcol technical manager Ray Boulger agrees that keeping a competitive rate for savers is the main reason to defer the rate cuts.
But he is also cynical about the lenders' claim that they are still reviewing the position. He says: "Usually they are always keen to announce if they are to make a rate cut."
But IFAs do not believe that the mortgage rate has hit their natural floor.
Boulger believes that a further 0.25 per cent rates by 0.25 to 0.3 per cent.
Donnellsons partner Barry Williams says: "I would like to think that a 0.5 per cent cut would have caused a movement among major lenders. If it had increased they would have put it up straight away."