The Bank of Canada raised its key interest rate by a quarter point today, and most lending institutions are expected to respond by increasing their prime lending rates by a quarter point. This marks the first rate increase by the Bank since 2007. Rate hike means it may be time to revisit mortgage strategies
Today’s announcement means an increase in the rate for a variable-rate mortgage. However, lenders do vary in when exactly they adjust their rates for variable-rate mortgages. Fixed-rate mortgages are not affected directly by today’s announcement as their rates are influenced more by movements in the bond market.
Prime: 2.50%
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