Interest rates in the UK have gotten a hold from the Bank of England’s Monetary Policy Committee (MPC). During their first meeting of the year, a majority of the members voted to keep the standard base interest rate at the historical low 0.5% for another month. The rate has not been changed by the MPC since March 2009. How many, if any, of the committee members voted for an increase will be known in a few weeks when the minutes are released to the public.

Part of the reasoning for the stay on the interest rate is likely low inflation, which is currently below the Bank’s goal of 2.0% at 1% when last reported in November. This marked a 12 year low and it is expected to fall further with crude oil prices dropping. The weak global economy is also playing a part in making the MPC cautious as the latest figures revealed that inflation for the eurozone turned negative this week which is referred to as deflation.

The European Central Bank has cut interest rates to 0.05% and are expected to issue bond buying in an effort to strengthen the economy. The UK quantitative easing programme was held unchanged at £375 billion.

Economists had previously forecasted that the interest rate would be increased by the Bank in early 2015 due to strengthening of the economy, a stronger housing market, and declining unemployment rates. However, other factors came into play and an increase in the cost of borrowing would be counterproductive to the current path of the economy. Therefore, an increase is not expected by the Bank until later in the year.

However, remortgages and mortgages, which have had some of the lowest interest rates connected to them in years, won’t likely wait upon the Bank to begin rising. Lenders are due to find increases in their swap rates, the cost of borrowing between lenders, and that will be passed on to borrowers. Shopping for a deal now, or very soon, could result in a lower interest rate than waiting.