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 [...]
Variable Mortgage Rate, Prime Rate, Unchanged
Variable Mortgage Rate, Prime Rate, Unchanged The Bank of Canada announced this morning that it has left the target for the overnight rate unchanged from its current level. This means that banks will most likely also leave their prime rate at its current level of 2.25%. Further to this the Bank of Canada re-confirmed its [...]
Fixed Mortgages Rates Have Risen Slightly, What About The Variable Rate?
Fixed Mortgages Rates Have Risen Slightly, What About Variable Rate Mortgages? This week we saw fixed mortgage rates increase slightly with the increase in bond yields to maintain spreads. We are still not far off record lows however, so not too much should be made of this increase I believe, yet. This can be a [...]
Fixed Mortgage Rates On The Rise
Fixed Mortgage Rates On The Rise Now is a good time to see how Bank’s prime rate (i.e. variable mortgage rate) and fixed mortgage rates are not linked to one another. Prime has remained at its current level for several months now and will likely remain unchanged later this month at the next meeting of [...]
Variable Mortgages Rates Have Been Coming Down But Could Prime be Going Up?
Variable Rate Mortgages Have Been Coming Down But Could Prime be Going Up? Up to now we have been hearing and been told that the Bank of Canada would likely keep the overnight lending rate and therefore likely bank’s prime rate, unchanged through to June of 2010. The pricing of a variable rate mortgage has [...]