The Bank of England is expected to announce its biggest interest rate hike in 33 years this afternoon - and if it does, it'll have serious consequences for our wallets.
Experts think the Bank's Monetary Policy Committee will vote to up its rate by 0.75 percentage points - from 2.25% to 3% - to try to cool inflation.
But whatever the Bank does, some British households lose out.
Putting base rate up means the cost of living crisis eases, if soaring inflation starts to fall.
But this also means homeowners and loan customers pay more.
Leaving the base rate as it is means relief for mortgage customers and borrowers - but means inflation stays high.
However, base rate hikes are good news for savers, who will be able to get better returns on any spare cash.
Mirror experts Sam Barker and Graham Hiscott will be discussing the Bank of England decision live on The Mirror's Facebook page at 3pm, November 3.
Send us your questions in advance at mirror.money.saving@mirror.co.uk
What does this mean for my mortgage?
Another hike will hit two million borrowers on variable rate mortgages, plus thousands of others who are coming off cheap fixed rate home loans and needing to get another.
The average mortgage borrower on a standard variable rate of 5.86% with a £200,000 loan over 25 years is currently paying £1,271.54 a month, according to industry experts Moneyfacts.
That would jump to £1,364.19 if the Bank of England’s base rate leapt to 3% and was passed on.
That would jump by £92.65 to £1,364.19 if the Bank of England’s base rate leapt to 3% and was passed on.
Over a year that equates to a leap of £1,111.80 - even before any other possible rate rises.
Mortgage rates have also been driven up by money market instability after September’s bungled mini-Budget.
Moneyfacts’ data showed the average two-year fixed rate mortgage on offer now is 6.47%, down from a peak of 6.65% late last month, but much higher than the 4.74% before axed Chancellor Kwasi Kwarteng outlined his now widely trashed tax cutting plans.
Why do interest rates change?
The Bank of England sets the base rate in the United Kingdom every month.
Base rate is basically a financial 'lever' that the Bank can pull to help control the economy.
Rising base rate means it's more expensive to borrow, so consumers and businesses save instead - meaning spending drops and inflation does too.
Lowering base rate does the opposite, encouraging everyone to spend and not save, which means higher inflation.
The Bank can also vote to keep base rate as it is and not change it.
It's been doing this independently from the government since May 1997.
But it is still guided by the government, which sets it targets to achieve.
