Since September 2010 the Bank of Canada has held the key rate steady. And today was no different. The Bank of Canada is staying the course and not changing the benchmark rate.
Today's announcement noted that "downside risks to inflation assume increasing importance" and "the Bank must also take into consideration the risk of exacerbating already-elevated household imbalances. With these considerations, the Bank is maintaining its substantial monetary policy stimulus.
If you’ve got a variable-rate mortgage, the prime rate should stay at 3%. The next rate-setting day is December 4.
Eight times a year, the Bank of Canada sets the rate that governs each lender’s prime rate. The lenders base their decision on this rate because it influences their own borrowing. Variable-rate mortgages and lines of credit move in conjunction with the prime lending rate. Fixed rates are different and are based on the bond market.
Whether you are purchasing, refinancing or renewing your mortgage, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation.
We regularly receive short-term rate promotions that are not posted online, which means our rates change frequently. Please contact us for the unpublished rate specials.
For unpublished rate specials, and for your personalized rate and mortgage plan, call:
Thank you for reading.
As always, if you would like to discuss your current real estate situation, I would love to offer my expert knowledge. You can reach me at 905 339 5270, or by email at firstname.lastname@example.org.
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CENTURY 21 MILLER REAL ESTATE LTD.
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Ontario, L6K 3S4
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Whatever your need is today – first or next home, renewal, refinance, renovation financing, equity take out, business-for-self mortgage, investing in property or a second/vacation home, contact us for a review of your situation, and the advice you need to achieve your homeownership dreams. After all, the right mortgage can build your wealth and save you thousands of dollars.
Every single day we're making homeowner dreams come true. And we're here to help you.