The Low Down on Interest Rates...
The Bank of Canada has decided to leave interest rates where they are. This was no surprise to anyone as the B of C has promised to keep the overnight rate at .25% until June of this year. They predict growth to pick up through the latter half of this year. If they are correct, then we will see interest rates start to go up later this year. All the powers that be, the government and the Bank of Canada, will be approaching any rate increases extremely carefully as the recovery will be slow and precarious until the USA is on better footing.
Bank Prime Rate 2.25%
|
Term |
Best |
Bank Posted |
|
1 year |
2.25% |
4.5% |
|
3 year |
3.25% |
5.15% |
|
5 year |
3.79%* |
5.84% |
|
10 year |
5.25% |
7.15% |
|
25 year |
9.30% |
9.65% |
*Strings attached to this rate!
Bold numbers denote change from last posted rates.
Variable mortgage from Less Than Prime...TODAY at 2.05%!
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