The Bank of England have decided to leave interest rates unchanged at 5.25% today which will provide disappointment for many mortgage holders.
Many had hoped the Monetary Policy Committee (MPC) would cut rates but we may have to wait until next month now.
The main reason for not cutting rates is likely to be the threat of inflation from rising food, fuel and energy prices and seems that this is the MPC's primary concern.
However the poor economic backdrop cannot be ignored and rates will have to come down to stop the economy grinding to a halt.
The harsh stance also gives little comfort as to what lies ahead in next weeks budget.
The rates cuts of 0.5% that we have had since the credit crunch is in stark contrast to the 2.25%
cut that the Americans have experienced. The recent cuts in the UK have had little effect on the pressure on banks and have not benefited consumers at all.
A third cut would likely be enough for lenders to pass this onto the consumer and make mortgage payments more affordable.