Agent Blogs
Cory Kline, AMP
Mortgage Agent
Bank of Canada Announcement
Updated Tuesday, July 20, 2010
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As expected the Bank of Canada raised their rate by 1/4% this morning. Bank prime is now at 2.75%.
They comment that inflation is in line with their projections. Also, that overall economic growth is weaker than previously anticipated. Hopefully this will mean rates staying in the low ranges we currently are experiencing. We do not expect this to have any immediate impact on fixed rates as the markets had already "priced" rates in anticipation of this increase.
If your current variable rate is at prime +.4 or higher, we should explore breaking the contract and getting a new rate at Prime less .6% or lower. Call Cory Kline for more details; 705-794-1283.
The next Bank of Canada Announcement is scheduled for September 8, 2010.
