There’s a further reprieve for homeowners today.

The European Central Bank has – as expected – kept interest rates unchanged at the historic low of 1%.

Analysts say any increases will have to wait because of the fragile global economic outlook.

But Chief Economist with KBC Bank Austin Hughes says homeowners can expect increases sometime next year.

“The ECB is a little more positive on the outlook for the economy; so people will read from that  that interest rates will probably be going up some time in 2010″ he said.

“But it’s likely to be later in the year, rather than anytime soon” he added.