After a year in which everybody expected interest rates to go up, or be about to go up early in 2015, it now looks as though that may never happen.

For borrowers and savers, it means a continuing game of trying to outsmart the experts - who last year tended to get it wrong.

Bank of England governor Mark Carney stresses continually that rates will only rise gradually. Markets are currently assuming there will be a 0.25% rise later this year, followed by similar rises at regular intervals. But the oil price crash and depressed inflation give the bank fewer reason to put rates up.

Ben Brettell, economist at Hargreaves Lansdown, says: "Given the likelihood of persistently low inflation, I fully expect interest rates to remain on hold until at least the final quarter of this year, and quite possibly into 2016."

Almost 17 mortgage borrowers out of 20 opted for a fixed-rate loan in the last quarter, according to the latest Bank of England figures. Yes, they are more expensive than variable-rate deals, but they are also at all-time low rates, averaging 3.43%. Taking a punt on a variable rate would have brought you down to 2.79%. The rock-bottom rate is HSBC's 0.99%, but you will need a 40% deposit and a £1499 cheque to pay the arrangement fee. After two years, the rate would revert to the bank's standard variable rate (SVR), which is currently 3.94%, about 0.5 % above the typical two-year fix - but that would have to be rebrokered too.

If you really want peace of mind, and believe rates will eventually rise steadily, there are more long-term 10-year deals around than ever before.

Three lenders all charge a £999 fee and have set rates of 3.44% (Santander), 3.45% (Woolwich) and 3.49% (Nationwide). For those with 40% deposits, Nationwide has set rates of 30%; and Skipton Building Society has a seven-year fix at 3.49% with a £995 fee.

For those more comfortable with shorter fixes, HSBC's five-year deal is priced at 2.48% (on 40% deposit with £999 fee). For two-year deals, Yorkshire has a 1.39% offer on a 35% deposit.

For existing customers, ­Nationwide's loyalty offer takes two-year fixed rates down to 1.74% (on a 30% deposit, £999 fee) or 2.14% (no fee). For 10% deposits, the rates are 3.54% and 3.94%, with and without the same fees.

Clydesdale Bank has just launched a £1000 cash-back offer, open until the end of February, with rates of 2.79% (two-year) and 3.59% (five-year) for 25% deposits, with no fees. It also has five-year rates of 3.49% and 3.99% for 15% and 10% deposits respectively, and a three-year 10% deposit rate of 3.44%, all with £499 fees for existing customers (£999 for new customers).

Platform, the Co-operative Bank's new mortgage partner, is offering its lowest ever two-year fix, for 40% deposits with a £999 fee, at 1.64%, available through brokers.

According to Moneyfacts.co.uk, 10-year deals have increased fourfold in the market from 12 a year ago to 52.

Low-deposit deals for first-time buyers have also multiplied to 180, from just 37 three years ago to 62 at the end of 2013. But they have also got more expensive, with the ­average two-year fixed rate for 90% loans rising from 5.11% to 5.22%, and five-year fixes from 5.28% to 5.38%.

For savers, the only saving grace will be for over-65s. The new Pensioner Bonds will pay 2.8% (one year) and 2.8% (three years) on a minimum of £500 up to a maximum of £10,000 per bond, per person. Anna Bowes at Savings Champion says: "These rates are currently way over and above the current best rates on the market and, in fact, pay 51% more than the average of the top five one-year rates, and 61% more than the average of the top five three-year fixed rates."

The average rate on easy-access Isas is a paltry 0.55%, on one-year bonds it is 1.43%, on three-year bonds 2.04% and on five-year bonds 2.45%, says Savings Champion. Other average rates are 0.75% on notice accounts, 1.14% on variable-rate Isas, and 1.47%, 1.89% and 2.4% respectively on one, three and five-year fixed-rate Isas.