Bank Prime Rate Unchanged – Variable Rate Mortgages
When the Bank of Canada met yesterday, December 8, 2009, they decided to leave the target for the overnight lending rate unchanged. This means that banks will most likely leave their prime rate also unchanged. Bank’s prime rate currently is 2.25%. This rate is projected to remain steady through to July 2010, after which increases are expected. Next Bank of Canada meeting is January 19, 2010. For more information on the bank prime rate and/or variable rate mortgages you can email me at Maury@MauryLum.com.
