The Bank of England (BoE) left its key lending rate at 4.75 per cent today.
Some economists now wonder whether it will make any more increases this year as evidence mounts the housing market has turned.
The BoE has been keen to cool the housing boom of the past few years, arguing that the longer it continued the greater the risk of a crash in the future
Such a crash could hit the wider economy, economists say.
"The BoE is probably seeing signs of slowdown in the housing and consumer-related sectors and feel they have done enough to deliver the slowdown that is necessary to keep growth on trend," said Mr Michael Hume, economist at Lehman Brothers.
"We are still comfortable with our call of rates peaking at 4.75 per cent."
A peak in rates at 4.75 per cent would be much lower than the top of the last cycle of 6 per cent in February 2000 or the 7.5 per cent hit in the cycle before in June 1998.
The BoE offered no statement to accompany its decision.
British interest rates remain more than three times the level in the United States and more than double the 2 per cent rate in the euro zone.