The Bank of England's Monetary Policy Committee (MPC) voted 8-1 to maintain interest rates at 5%, down from 7-2 in August, amid concerns about the near-term economic outlook and a forecast for UK growth of only 0.3% in Q3. This decision follows a period of stagnant GDP growth and comes as global central banks, including the US Federal Reserve and the Reserve Bank of Australia, have begun cutting rates to stimulate their economies. U.S. mortgage rates have declined to their lowest levels since 2022, driven by anticipated Federal Reserve rate cuts, spurring home purchase and refinancing applications. Meanwhile, the recent addition of 47,500 jobs to the Australian economy has sparked concerns that the Reserve Bank of Australia may not lower interest rates. Former Treasury Secretary Lawrence Summers notes that inflation will likely prevent the Federal Reserve from reducing rates as much as expected. Overall, declining mortgage rates may stimulate housing markets in the U.S. and Australia, although inflationary pressures remain a concern globally.