Interest Rate Report - Bank of Canada Interest Rate Comments

For 29 straight months the Bank of Canada has not changed the "Over Night" rate, which is the rate which determines consumer lending interest rates like your mortgage interest rate or the Prime Rate on your Line of Credit.  It currently stands a t 1% and will stay there for the next 8 weeks until the Bank meets again.  For an interesting and informative analysis of the BoC's Economic Outlook Statement that always accompanies this announcement click here - BOC Statement.

Mortgage Interest rates are already drifting down, 10 year mortgages are available at the astounding rate of 3.69%, and 5 year money is widely available at 2.9% or less; these are the lowest rates for years.


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