Super Thursday came and left and in its wake everyone had a wealth of data to review and make assumptions as to what would come next. Yesterday, the Bank of England announced the decision of the Monetary Policy Committee (MPC), the minutes, and the reasoning behind their move concerning the standard base interest rate.

Of the nine members of the MPC, one voted for a rate change. Since the majority wanted the rate to remain unchanged, it is left for another month at 0.5%. A split vote has not occurred in the MPC meeting since last December. The last time the rate was changed was March 2009. The committee member that voted for the increase was Ian McCafferty with a vote to move the rate up by 0.25% to 0.75%.

The fact that more members of the MPC did not vote for a change to the interest rate has quieted the warnings of a change occurring by the end of the year. Now experts believe it will likely be the beginning of 2016, possibly at the end of the first quarter.

However, that does not mean that home buyers and homeowners will continue to find low interest rates from lenders. The cost of funding for UK banks is rising and that will push lenders to pull their cheapest rates. Therefore, offered mortgage and remortgage deals could have rate changes with little to no warning.

Thursday’s information also revealed an upgrade in the Bank’s expectations for economic growth for the year from 2.5% to 2.8%.

Borrowers will now have to keep an eye on the offerings of lenders to see the first movement of changes in interest rate deals. Once one lender changes there will be many more to quickly follow according to experts. The rates could then be further boosted if the economy continues to strengthen and other factors such as low jobless rates and higher wage earnings come into play to necessitate an interest rate hike by the MPC sooner than expected.