Bank of Canada Prime Rate Update September 8, 2010
The Bank of Canada has announced that it is raising the the key interest rate, the rate at which banks borrow and lend amongst themselves, by 0.25% to 1.00%.
According to analysts, this may be the last interest rate hike until 2011. If you need to lock-in the best rate possible for either a new mortgage or a renewal, please CLICK HERE now to compare Canadian mortgage rates from banks and the top brokers.
“Bank Governor Mark Carney has long signaled the need to hike national borrowing costs in order to rein in economic activity and reduce inflationary pressures. But now, economists believe the central bank will hold rates steady at one per cent after Wednesday’s boost. TD is forecasting the bank’s rate at one per cent until at least the second quarter of 2011. The Bank of Montreal figures Canada’s one per cent interest to last even longer, until the July-to-September period in 2011.”
Read more: http://www.cbc.ca/canada/montreal/story/2010/09/07/bank-of-canada-rate-lookahead.html#ixzz0yrk8VDu4
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Bank of Canada Prime Rate Announcement Expected Shortly
The Bank of Canada will make an interest rate announcement in 20 minutes. After yesterday’s release of Gross domestic product growth that hasn’t been seen since 1999, it’s widely expected the prime rate will increase by 0.25%.
Tags: bank of canada prime rate, canada prime rate, canadian prime rate, bank of canada, prime rate canada, Canada Prime Rate Updates, Bank of Canada Prime Rate today, Canadian Mortgage RatesBank of Canada Prime Rate Announcement Tomorrow
The Bank of Canada will be releasing the June 1 Interest Rate Announcement tomorrow at 9:00 AM.
Most analysts believe a 25 point increase in the Canada prime rate will be announced by Bank of Canada governor Mark Carney.
Check back here tomorrow morning for the announcement.
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Tags: Bank of Canada Prime Rate today, interest rate, bank of canada prime rate, bank of Canada announcement, bank of canada governorMajor Banks Raise Fixed Mortgage Rates
As expected prior to an increase in the Canada prime rate, the major banks have raised interest rates on fixed mortgages.
“CIBC and National Bank followed in the footsteps of other major Canadian banks Tuesday raising the rates on residential fixed mortgages.
Similar to RBC and TD Canada Trust, CIBC and National Bank hiked their three, four and five-year closed mortgages by 20, 40 and 60 basis points respectively.
A three-year mortgage will now come coupled with a 4.35% interest rate, a four-year at 5.34% and the benchmark five-year fixed mortgage at 5.85% at both banks. National Bank is offering a discount on its five-year rate for a limited time.
Mortgage specialists say homeowners risk debt loads they can’t handle as rates come off historic lows. Real estate watchers say the increases will help cool at Canada’s red-hot property market.
Economists say the fairly aggressive rate hikes are in response to the rallying bond market and suggestions by the Bank of Canada that its overnight lending rate could rise sooner than expected. Inflation has outpaced estimates in recent months and the central bank’s pledge to keep interest rates low has been conditional upon core inflation hovering around or below 2%.”
Read the full story at torontosun.com
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