Sayyiduna Abdullah bin Umar (may Allah be pleased with them) says: When the Prophet (peace and blessings be upon him) began the prayer, he would raise his hands until they were level with his shoulders, and when he bowed (for ruku‘), he would also raise them, and after lifting his head from ruku‘, he would again raise his hands, but he would not raise his hands between the two prostrations.
Related hadith on this topic