However, while the country's official interest rate remains unchanged, the mortgage and savings markets are anything but static. This is throwing up opportunities for borrowers and savers.
There are signs that the measures implemented by the Government and Bank of England to stimulate the economy, and in particular, increase the funding available to banks and building societies appears to be having some effect.
A number of lenders including Co-operative Bank, HSBC and Lloyds Banking Group have all launched new mortgage deals recently, suggesting that the freeze that has been affecting the market may at last be starting to thaw.
Co-operative Bank last week launched a three-year tracker paying a market leading rate of 2.39%, while HSBC will re-introduce its Rate Matcher mortgage on Monday. This product was first offered last year, and borrowers will be able to opt to fix their mortgage on a rate as low as 2.49%. Rate Matcher is for existing homeowners and it has been designed to encourage those who are currently on their lender's standard variable rate, to remortgage and fix at a lower rate with HSBC.
Louise Cuming, mortgage expert at moneysupermarket.com, said: "There's been some good news for borrowers recently - which is very much welcomed. However, the mortgage market is still far from normality and those with small deposits continue to struggle to get a good loan. That said, we are seeing an increasing number of lenders offering mortgages at higher loan to values and certainly those with a deposit of at least 25% can benefit from some great deals. If you see a good mortgage deal that you qualify for my advice is to act quickly and secure it. Funding pressures, while easing, still remain so some of the leading deals may not be around for long."
We're also seeing activity in the savings market. A number of providers have reduced rates on their cash ISAs which means this sector isn't as strong as it's been, but competition in the fixed rate, notice and easy access markets remains fierce.
Principality Building Society has launched a new 30 day notice account today paying 2.90% and the leading fixed rate bonds continue to pay in excess of 4.0%. ING Direct has the best easy access rate at 2.75%.
Kevin Mountford, head of banking at moneysupermarket.com, said: "These rates may not seem that impressive given that we had savings rate of 6.0% and 7.0% last year, but remember, the base rate is just 0.5% so a return of 2.50% or more is very good and something savers should really be looking to take advantage."
You can find details of the leading savings and mortgage rates by visiting moneysupermarket's savings and mortgage channels.
For more on today's interest rate decision and what it means for the mortgage market, watch our latest video.
Disclaimer: Please note that any rates or deals mentioned in this article were available at the time of writing.
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