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.
Tags: Canada Prime Rate Updates, Canada Mortgage Rates, bank of canada, canada prime rate, bank of canada interest rateBank 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
Tags: bank of canada, Bank of Canada interest rate announcement, Bank of Canada, prime rate canada, bank of canada interest rateBank 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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