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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Categories: Bank of Canada, Canada Mortgage Rates, Canada Prime Rate Updates, Canadian Mortgage Rates, prime rate canada Tags: bank of canada, bank of Canada announcement, bank of canada interest rate, bank of canada prime rate, Bank of Canada Prime Rate today, canada prime rate, mortgage rates, prime rate, prime rate announcement, prime rate canada
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.
Tags: bank of canada interest rate, Bank of Canada, canada interest rate, Canada Prime Rate Updates, mortgage rates, bank of Canada announcement
Canadian Mortgage Rates Rise
TD Canada Trust, CIBC and RBC Royal Bank have all announced mortgage rate increases this week. The RBC 5 year fixed mortgage rose 0.25 % to 5.44 %. Compare that to today`s best mortgage rates to the right of this page.
A TD economist said earlier in the week that mortgage rates are affected by bond yields, which have recently risen due to concerns about inflation and optimism about future economic prospects in the U.S.
Tags: year fixed mortgage, RBC Mortgage Rates, BMO mortgage rates, Canada Mortgage Rates, CIBC mortgage ratesMortgage Rates Update
I’ve updated the mortgage rates pages to reflect the recent drop in most rates by the major banks. The RBC rates are not accurate at this time however.
The next Bank of Canada interest rate announcement is expected on September 8th. Check back then to see if there are any changes to the Canada prime rate.
I’ve written about what a great deal I got on my current mortgage and line of credit. I can thank my mortgage broker for that. I’ve been referring some Ontario residents to him but I now have another source for getting the absolute best rates. If you are looking for a new mortgage or have to renew one, please take a moment to check out RateSupermarket.ca at the following link: Mortgage rates
They offer an online application with links to both banks and mortgage brokers to get you the best available rate on the day you apply.
Tags: Canadian Mortgage Rates, bank of canada interest rate, bank of canada, mortgage rates, current mortgage, Bank of Canada interest rate announcement September 2010New Mortgage Rates Pages
To enable you to check on the latest mortgage rates at the major banks, I’ve added 4 pages to the site with mortgage rate tables from the banks listed below. Included are fixed rate mortgages, variable rate mortgages and 6 month to 10 year open and closed mortgages.
Bank of Montreal Mortgage Rates BMO Mortgage Rates
CIBC Mortgage Rates CIBC Mortgage Rates
RBC Mortgage Rates RBC Mortgage Rates
TD Mortgage Rates TD Mortgage Rates
Tags: BMO, RBC, Royal Bank, TD mortgage rates, TD Bank, Canadian Mortgage RatesCanadian Mortgage Rates Update
An update on Canadian mortgage rates after the Bank of Canada interest rate hike today. Here are the current rates at the major banks:
- TD Prime Rate – 2.50%
- RBC Royal Bank Prime Rate – 2.50%
- BMO – Bank of Montreal Prime Rate- 2.50%
- CIBC Prime Rate- 2.50%
However, the Bank of Montreal lowered its five year fixed mortgage rate to 4.25%.
The next Bank of Canada interest rate announcement is due on July 20, 2010. Many analysts are predicting another increase in the prime lending rate.
Tags: CIBC prime rate, prime rate canada, RBC Prime rate, BMO Prime Rate, RBC Mortgage RatesCategories: BMO mortgage rates, BMO Prime Rate, Canadian Mortgage Rates, prime rate canada, RBC Mortgage Rates, TD mortgage rates, TD Prime Rate Tags: Bank of Montreal Prime Rate, BMO Prime Rate, Canadian Mortgage Rates, CIBC prime rate, interest rates, mortgage rates, mortgage rates Canada, RBC Prime rate, Royal Bank Prime Rate, TD Prime Rate
