The Bank of England (BoE) has held interest rates at 3.75 per cent once more, despite an expectation of climbing inflation in the coming months. The BoE's Monetary Policy Committee (MPC) voted 6-3 in favour of a hold this time, highlighting both the number of dissenters and the overall acceptance that rates will head upwards. Raising interest rates is the Bank's primary tool to try to counter that and prevent inflation spiralling out of control. Millions of homeowners have moved off mortgage deals signed when interest rates were far lower, meaning repayments are considerably higher now. "Although both global and domestic challenges remain, there certainly seems to be signs of cautious optimism trickling into the mortgage market.