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The Bank of England has maintained its base rate at 5%, but hopes remain of a further cut later this year.
The Bank's nine-person Monetary Policy Committee (MPC) voted 8-1 in favour of keeping the rate at 5%.
Read on to find out what the announcement means for your money, whether you're buying a home, are due to remortgage, or trying to get the best return on your savings.
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The Bank of England MPC has voted by a margin of 8-1 to maintain the base rate at 5%. One member voted for a reduction to 4.75%.
Last month, the base rate was reduced from 5.25% to 5%, after months of speculation that a drop might be on the way.
The decision to hold the base rate had been widely expected, and seemed almost certain after yesterday's inflation announcement.
Inflation remained at 2.2% in August, slightly above the Bank's target of 2%.
The MPC has previously stated that base rate cuts would be gradual, and it has reaffirmed that view today.
In its announcement, it said: 'monetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning to 2% in the medium term have dissipated further'.
Despite the resounding margin of the vote, there are still hopes that the base rate will fall again before the end of the year. There are two announcements remaining in 2024, on 7 November and 19 December.
If you're coming up to remortgage at the end of a fixed-term, you might be disappointed by the decision to maintain the base rate.
It's not all bad news, however, as mortgage rates have been falling gradually over the last couple of months. Earlier this week, the market-leading two-year fixed-rate deal fell below 4% for the first time in two years.
It's likely that the base rate being maintained will slow down the speed of rate cuts in the mortgage market, but it's unlikely to result in rates rising beyond their current levels.
Nicholas Mendes of the broker John Charcol says: 'Today’s announcement does not change the clear, medium-term downward trend in mortgage rates.
'While we can expect a temporary lull in the competitive rate cuts seen in recent weeks, this will be just that — a lull, not a reversal in direction.'
It's been a frustrating year for people looking to move home, with the high cost of borrowing resulting in many people delaying their plans.
Last month's base rate change freed the market up a little, bringing about lower rates across the board. However, today's news means mortgages are unlikely to get much cheaper over the next month.
If you're a first-time buyer with a small deposit, however it's worth keeping a close eye on the latest deals. 90% and 95% mortgages have fallen by the smallest margins since the last base rate cut, but greater stability may result in lenders competing for more custom in this area of the market.
If you're thinking of buying a home or are due to remortgage, it's worth speaking to a mortgage broker.
A broker will be able to find you the best deal for your circumstances, and if rates drop while you're in the process of applying, they may be able to shift you on to a cheaper deal.
Savings rates have fallen in the wake of last month's base rate cut, but today's news will hopefully pause further reductions in market-leading rates.
Excluding accounts with limited withdrawals or other restrictions, the best instant-access savings rate is currently 5%.
If you're willing to tie up your savings for two years, the best rate currently available is 4.72%.
The top one-year cash Isas offer rates of just below 4.7%.
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