Today the BoE’s Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%.
The MPC also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200bn.
The previous change in Bank Rate was a reduction of 0.5% to 0.5% on 5 March 2009.
Ben Thompson, managing director at Legal & General Mortgage Club, said: "Although as always there is mixed economic news and results in both domestic and worldwide economies, if anything the headwinds in terms of recovery have become stronger over the last month, and these will no doubt continue to slow the pace of any UK recovery.
“We see no indicators or statistics that would have provided even the faintest argument for a rate rise today, and we remain of the view that rates will stay as they are for the rest of this year."
Simon Gammon, managing partner at Knight Frank Finance, said: ""As the Bank of England votes to keep base rates on hold for another month, borrowers can benefit from the best of both worlds.
"The base rates now look set to stay low for some time yet, so the variable-rate deals on the market are an attractive option for those comfortable with the prospect of their mortgage payments rising at some point in the future.
"Mortgage lenders are also stepping up the competition in the fixed-rate loan market in a bid to attract borrowers in this sort of climate, resulting in some very low rates on offer".
"Lenders are also becoming more innovative as they jostle for custom. For example, we have identified a "hybrid" product which addresses both the needs of those who want to benefit from a low variable rate and the certainty that comes with a fixed-rate deal. The mortgage offers a low variable rate for two years and then locks into a very competitive fixed rate for the following three years. Competition for the deal is fierce however, so only the best presented applications are being accepted."
Richard Barker, mortgage manager at Norwitch & Peterborough, said: "Today’s decision to leave the Base Rate unchanged at 0.50% was widely anticipated across the industry. In fact, many economists now believe that rates will remain on hold for the remainder of the year. So for the moment, those on a variable rate, or tracker have more time to consider their options.
"The consumer prices pndex inflation rate fell to 4.2% in June from 4.5% in May, which alleviated some pressure to increase rates imminently. In addition, the instability of the worldwide economy has undoubtedly reinforced the decision."
Chris Gardner, mortgage expert at Obligo, said: "Raising rates at the current time would be economic suicide. And the MPC knows as much.
"Yes, inflation remains a threat but an even bigger threat is the delicate state of both the economy and consumer confidence.
"With many 5-year fixed rate products priced at around 3.5% to 3.75%, borrowers are increasingly filling their boots.
"The price of fixed rate products shows that lenders have priced in no movement on rates for at least two quarters.
"But this window of opportunity may be closed as quickly as it has opened given the schizophrenic nature of the markets right now.
"For savers, this latest decision is yet another body blow."
