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As expected, there was no change in the Bank of Canada press release. Bank prime remains at 3%.

This means no changes in variable rate mortgages or line of credit rates.

Fixed rates remain at records lows. We currently have five year money ranging from the 3.19% to 3.39%. We still have two lenders with 10 year rates at 3.89%.

Below are the highlights of the Bank of Canada Announcement:

-"Some of the risks around the European crises are materializing and risks remain skewed to the downside"
-Housing activity has been stronger than expected
-"Business and household confidence has held up and domestic financial conditions remain very stimulative"
-They expect CPI to fall below 2% with lower gas prices and core inflation to remain around 2%
-It is projected that if the economy continues to grow, the Bank of Canada may start to slowly withdrawal some monetary policy stimulus.
-"The timing and degree of any such withdrawal will be weighted carefully against domestic and global economic developments"

Click here to read the full announcement

The next Bank of Canada Announcement is scheduled for July 18th, 2012
Bank prime is 3.0%

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Today's Mortgage Rates...
3 year fixed: 2.94%
5 year closing by Aug 4th: 3.15% wow!
5 year fixed: 3.19% (Scotiabank, 120 day closing!!)
10 year fixed: 3.89% (portable with 25% pre-payment!!!)
Free Down Payment: 4.73%
5yr Variable: 2.85%
3yr Variable: 2.60%

If you have any questions as to what this means to your mortgage, I am always here to help you with unbiased advice.

-Cory Kline (Neighbourhood Dominion Lending Centres, cory@ndlc.ca or 705-794-1283)