If you have a variable rate mortgage or a balance on a line of credit, this news is for you.

The Bank of Canada continued to hold its key interest rate steady at 5-percent Wednesday, encouraged by evidence that higher rates are helping bring inflation down.

In a news release, the central bank says higher borrowing costs are clearly restraining spending as consumption and business investment remain relatively flat this year.

This marks the third time in a row the central bank has opted to hold its key rate steady as forecasters widely expect the Bank of Canada’s next move will be lowering rates.

However, Bank of Canada Governor Tiff Macklem is not ruling out future rate hikes, warning the central bank’s governing council remains prepared to raise rates further, if needed.

Last week’s GDP report showed the economy shrank in the third quarter, while the country’s unemployment rate ticked up once again in November.

Inflation in Canada has also slowed considerably with the annual rate coming in at 3.1–percent in October.