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Interest Rates

Blog by Century 21 Amos Realty | July 19th, 2012

I just received an update on interest rates from The Mortgage Center. Looks like interest rates are going to stay low for a little while longer. Better get your rate locked in before it goes up! See below.

Bank of Canada Rate Update
July 17th, 2012

Bank of Canada leaves key interest unchanged again today at 1%. The Bank of Canada typically meets 8 times per year to set the overnight key lending rate, which banks then typically follow suit and adjust their Prime Rate accordingly.

If you are a variable rate mortgage holder you shouldn't see any change to Prime Rate today, although you may see interest rates rise in the near future. This likely means we will see an increase to bank's Prime Rate (most banks Prime Rate is currently at 3% although some banks may be higher).

The next scheduled Bank of Canada Meeting date is:
September 5th, 2012