No Bank of Canada Rate Change
April 21 2015 Posted by Tracy Bennett
As expected, the Bank of Canada announced today that it is staying the course and not changing the benchmark rate.
The announcement noted that 'risks associated with elevated household imbalances have not materially changed, while the downside risks to inflation appear to be greater.” With these considerations, the Bank is maintaining its substantial monetary policy stimulus.
If you’ve got a variable-rate mortgage, good news, the prime rate stays at 3%. The next rate-setting day is January 22.
Eight times a year, the Bank of Canada sets the rate that governs each lender’s prime rate. Variable-rate mortgages and lines of credit move in conjunction with the prime lending rate. Fixed rates on the other hand are based on the bond market.
We can help you decide whether a fixed or variable-rate mortgage will work best for your situation, whether you are looking to purchase, refinance, or renew.
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for the unpublished rate specials.