Bank of Canada Interest Rate Announcement December 2011
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 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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Bank of Canada Interest Rate Announcement July 19, 2011
The Bank of Canada has announced that the prime rate will remain at 1.00%. This was widely expected by most analysts. However, the Canada prime rate is also expected to increase by September.
Now may be a good time to look into locking in a low mortgage rate before potential interest rate hikes this fall. Compare today’s best interest rates by clicking on the table on the right to see how much you could save.
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The Bank of Canada has announced to day that there will be no change in the overnight lending rate. The Bank of Canada prime rate will remain at 1.00%.
Mortage rates recently dropped and now may be a good time to look into locking in a low mortgage rate as interest rates are expected to rise by the fall. Checking today’s best mortgage rates on the right side of this page shows a 5 year closed rate is available at 3.59%. Click on that rate table for more info.
Browse homes for sale in the Southern Georgian Bay area at GeorgianBayLife.com
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The Bank of Canada will make an interest rate announcement tomorrow morning at 9 AM.
With the Bank of Canada now widely expected to hold off on a rate hike at least until autumn, house prices in Canada are likely going to stay hot for a few months longer.
The central bank will again leave its benchmark lending rate unchanged at one per cent at its regular policy announcement on Tuesday, according to the unanimous result of 22 economists surveyed by Bloomberg News.
Read more at the Vancouver Sun
Check back here tomorrow at 9AM for the interest rate annnouncement.
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