Analysts are cautioning that interest rates may plateau at today's levels for a year or more. This means that homeowners whose fixed-rate loans mature in the months ahead still face a daunting increase in repayments.
After 14 consecutive interest rate hikes in a row, the BoE finally calmed down and gave tighter monetary policy time to do its work on Thursday.
But it was a close call, with the Fed's rate-setting monetary policy committee narrowly voting 5/4 in favor of the freeze.
MPC members could even push for another increase rate at their next meeting on November 2, despite clear signs that the economy is slowing.
Even though we have reached the peak interest rates, the outlook remains uncertain.
Huw Pill, the BoE's chief economist, has described the UK rate trajectory as looking like Table Mountain in South Africa. On top, the climb is steep, on the way up, then flat at the bottom. If he is right, we're in for a long slog.
The MPC warned that monetary policy will need to be'sufficiently restricting for sufficient length' to return inflation to its two percent target.
Inflation may have surprised everyone by falling in August, but only down from 6 8.8 percent to 6.7 percent. That's a long way from two percent.
While September's figure is likely to be published, the rise in petrol prices could extend the cost-of-living crisis.