Bank of Canada Maintains Overnight Rate

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The CBC News reported early this morning that: Bank of Canada's key interest rate not expected to change - and guess what... they nailed it.

Economists are once again expecting that the Bank of Canada will make no change in its key policy interest rate later this morning. It will likely remain stuck at the same one per cent level where it's been for the past three years. CBC News

Just as everyone expected, In a press release posted by the Bank of Canada this morning on their website, "The Bank of Canada maintains overnight rate target at 1 per cent".

What does this mean for your mortgage?

Pretty simple, nothing really. The prime lending rate remains at 3%. If you are currently looking for a mortgage or are locked into a fixed rate mortgage, no change for you. If you currently have a variable rate mortgage, your rate remains unchanged.

Canadian Mortgage News

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Our goal is to bring together the best news stories and blog posts on each subject released every week. Enjoy!


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