QE is the Bank's scheme to boost the economy by buying bonds. In February, the Bank's monetary policy committee boosted the stimulus to £325bn.
Rates have been 0.5% for three years, despite persistent inflation.
In March, the Consumer Prices Index rose to 3.5%, from 3.4% in February.
Retail Prices Index inflation fell slightly to 3.6% from 3.7%.
Ben Thompson, Legal and General Mortgage Club managing director, said: “With a largely disappointing month behind us for the UK economy and with the Euro debacle continuing there is little doubt that there will have been much debate around whether or not to kick off another round of Quantitative Easing.
“However with inflation remaining stubbornly higher than expected it is unlikely the Bank will extend this until it is explicitly clear that it has to - this may even be as early as next month and we shall see.
“Closer to home there will be relief for the 8 million or so mortgage borrowers that now hold some sort of floating or variable mortgage rate.
“More than a million borrowers will have seen an increase in their Standard Variable Rates this year despite a record 39th consecutive month with Bank Base Rate unchanged at 0.5%.
“With households squeezed by depressed wages, increased costs of living and higher taxes, this decision to hold rates will feel like welcome relief.”
And Grenville Turner, group chief executive of Countrywide, said: "We would expect base rates to move upwards once signs of any improvement in the health of the UK economy are evident.
“With the UK in a technical recession and a number of indicators pointing towards a weak economy, it is not surprising that the Bank of England have decided to hold base rates at 0.5%.
“The decision will be disappointing for savers struggling to gather a deposit.
“Unfortunately, it’s also unlikely to help new borrowers and mortgage prisoners, who have recently seen their mortgage rates increase sharply regardless of the stable base rate.
“So despite interest rates remaining at a record low, deposit affordability and mortgage accessibility are the toughest hurdles for potential buyers and homemovers to overcome.
“These ever present hurdles are having an impact on the housing market and the number of house sales that will be completed this year.”
