The Reserve Bank of Australia (RBA) delivered its interest rate decision this afternoon, choosing to keep the official cash rate on hold at 3.60 per cent.

While the decision to hold was broadly anticipated by financial markets, it will be a source of immediate frustration for many Australian homeowners clinging to the hope of further monetary policy relief before the end of the year.

The RBA's inaction solidifies the growing market consensus that rates are now likely to remain steady at the current 3.60 per cent level until at least the end of December.