Bank Prime Rate – Variable Rate Mortgage, No change
Bank Of Canada Meeting – No Change Prime or Variable Rate Mortgages
Once again, the Bank of Canada announced it would keep the key interest rate at a record low to achieve its inflation target of two per cent. As such, Bank’s Prime rate will also likely remain unchanged from its current level of 2.25%. This rate is expected to hold steady through to the end of the second quarter of 2010, after which we can expect to see some increases.
Remember, fixed and variable mortgage rates are affected by different factors so they do not necessarily move together or in the same direction. It would not be unreasonable to expect to see fixed mortgages start to increase before the summer.
For more information on mortgage rates or any other mortgage related matter you can contact me at any time, maury@maurylum.com.
