By Mark Hurley, AMP
Today’s Bank of Canada rate hold announcement marks almost four straight years that the key benchmark rate has remained unchanged, since September 8, 2010. Great news if you have a variable-rate mortgage or home equity line of credit; the prime rate stays at 3%.
The announcement noted that “the risks to the outlook for inflation remain roughly balanced, while the risks associated with household imbalances have not diminished.” With these considerations, the Bank is maintaining its monetary policy stimulus, and remains neutral with respect to the timing and direction of the next change.
The next rate-setting day is October 22nd.
Whether you are looking to purchase, refinance, or renew, we can help you decide whether a fixed or variable-rate mortgage will work best for your situation. Or you may find that a hybrid mortgage, which is part fixed and part variable, is better suited to your needs. Call today!
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 Please contact us for the unpublished rate specials.
|Terms||Posted Rates||Our Rates|
Rates are subject to change without notice. OAC E&OE
|5 yr variable||2.40%|
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.
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