Bank of Canada Prime Interest Rate Announcement April 2012
The Bank of Canada has announced that the key overnight interest rate will stay at 1.00%. This was widely expected due to continuing bad news from Europe and the Bank’s desire to keep the Canadian dollar from increasing too rapidly.
What does this mean for mortgage rates? Canadian mortgage rates are near all-time lows and will not stay at these levels for much longer. Interest rates are predicted to rise by the fall of 2012. To see how low current rates are, check out today’s best mortgage rates here.
Also, please try our Facebook Canadian mortgage calculator. Thanks.
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The Bank of Canada has kept its main interest rate at 1.00% according to the statement released this morning. According to the statement, “Recent developments suggest that the outlook for the Canadian economy is marginally improved”. However there are indications that an interest rate hike could come as soon as October this year.
Now may be a good time to consider locking in low mortgage rates as they are bound to rise by the end of this year. The prime rate has not stayed this low for decades.
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The Bank of Canada has announced that the current interest rate of 1% will stay in effect.
This was expected due to the continuing economic problems especially in the Eurozone countries.
According to Derek Holt and Karen Cordes Woods at Scotia Capital, “We are not expecting any major shifts in the BoC’s thinking … especially given that Carney just spoke on Nov. 23 and given last week’s co-ordinated central bank funding intervention, with the overnight rate expected to remain at 1 per cent. Indeed, even the markets are not pricing in a cut any more”.
The C.D. Howe Institute’s Monetary Policy Council released a recommendation last week.”The C.D. Howe Institute’s Monetary Policy Council (MPC) today recommended that the Bank of Canada maintain its target for the overnight rate, the very short-term interest rate the Bank targets for monetary policy purposes, at 1.00 percent at its next announcement on December 6, 2011. The risks that Europe’s fiscal problems pose to the international financial system and the world economy are so severe that the MPC called for the Bank’s overnight rate to stay at 1.00 percent through the end of 2012.”
What does this mean for Canadian mortgage rates? According to Ratesupermarket.ca, fixed interest rates, while at almost historic lows, could go down further.
“With fixed mortgage rates near historic lows in Canada, one might think they can’t possibly get any lower. Wrong. According to RateSupermarket.ca’s Mortgage Rate Outlook Panelfor December 2011, we may see fixed mortgage rates decrease in the short term.
The panel also believes that variable mortgage rates will stay at current levels given that no change is expected from the upcoming Bank of Canada rate announcement on December 6th.
Fixed mortgage rates: Down
With no quick fix on the horizon for the European debt crisis, the global economic outlook continues to be pessimistic causing downward pressure on longer term bond yields. Couple this with decreased demand for home loans during the busy holiday season, and it is likely that fixed mortgage rates will stay low or even drop further over the next 30-45 days.”
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Bank of Canada Prime Rate Update October 2011
The Bank of Canada has announced that the key overnight interest rate will stay at 1.00%. This is in line with the expectations of analysts who predicted that the Bank would hold the present rate in part due to the global economic situation.
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As for Canadian mortgage rates, we’ll publish more information on the possible direction of variable and fixed rates later this week.
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Bank of Canada Announcement Coming Next Tuesday
The next Bank of Canada interest rate announcement will be Tuesday October 25 at 9AM. According to a Reuters poll launched on Tuesday, The Bank of Canada could keep rates on hold until the third quarter of 2012 due to slow global growth and also the risk that the debt problems in Europe will continue or worsen.
“The Reuters poll of 40 economists and strategists demonstrated the median forecast for the following rate of interest increase was pressed back by three several weeks in the second-quarter of 2012 forecasted within an August poll.
Experts stated Canada’s central bank have to raise borrowing costs under they formerly thought, since the domestic economy hasn’t retrieved as strongly not surprisingly and also the European debt crisis is still dampening the worldwide outlook.”
Full story at www.ibtimes.com
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As anticipated by most analysts, the Bank of Canada has decided to hold the key overnight interest rate at 1%. The prime rate was predicted to rise today as recently as a few months ago. However, the recent nasty economic news from almost all fronts helped convince the Bank of Canada to hold the Canada prime rate at the current level for the time being.
Canadian mortgage rates have already increased slightly due to the economic outlook. RBC and other banks have recently raised variable rate mortgage rates.
If your mortgage is due soon, or you want to lock in a great interest rate, you can find some of the best mortgage rates available at RateSupermarket.ca & BestMortgageOffers.ca
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