Bank Of Canada Interest Rate Announcement March 2012
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 key interest rate announcement schedule for 2012 is:
17 January
8 March
17 April
5 June
17 July
5 September
23 October
4 December
Tomorrow will be the first announcement of 2012 This may give us an indication of the direction of the Canadian prime rate and Canadian mortgage rates in the near future. Most analysts expect no change in the prime rate Canada tomorrow. Check back after 9AM to see the latest Bank of Canada interest rate announcement.
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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 Prime Rate Update September 7, 2011
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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Bank of Canada Interest Rate Uncertainty
The next Bank of Canada interest rate announcement is coming September 7, 2011. While an interest rate hike has been pretty much ruled out, it’s possible there may be a cut in the Bank of Canada prime rate on that date. Mortgage rates are fluctuating with some variable rates rising at certain institutions. Check back again on the 7th for the latest update.
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No Bank of Canada Interest Rate Hike This Year?
Just a few weeks ago the Bank of Canada was expected to raise interest rates in September. This appears to be off the table now with all the recent economic turmoil in the U.S. and Europe. In fact, a rate decrease may be coming due to the recent interest rate freeze announced in the U.S. An interest rate cut however could lead to lower mortgage rates and tempt homebuyers to borrow beyond their limits.
In fact, 5 year fixed mortgage rates are now at the lowest rate seen in quite a while and could go lower. This is good news for those who would like to lock in a great rate, but the big question is when to act. Check out the current mortgage interest rates by clicking on the rate table below.
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