Bank of Canada left the prime rate unchanged. In explaining the
decision to leave borrowing costs alone for an eighth meeting, as
expected, the central bank said it believes Canada’s economy is growing
again after stalling in the second quarter, but painted a troubling
picture for the United States and Europe, and said exports will be a
“major source of weakness.” You can read this morning's press release here.
What does this mean to you?
you are currently in a variable rate mortgage or have a line of credit
your rate will remain unchanged. The retail bank prime rate will stay
put at 3%.
Should I lock in?
you are currently in a variable rate mortgage we see no reason to lock
into a fixed at this point in time. The prime rate looks to be stable
and fixed rate mortgages are also at all time lows.
Thinking of refinancing?
would be a good time to consider refinancing to consolidate debt or
take advantage of a lower interest rate on your mortgage while rates are
low. Fixed rate mortgages are being offered as low as 3.39% for a
fixed 5 year.
are very dynamic and the guidance that we offer is based on the
circumstances of each individual. If you would like to review your
mortgage to make sure that you are still on track please call we'd love
to hear from you.
invite you to visit our new and improved blog to stay in touch with us
and keep up to date with developments in the mortgage world. www.SonOfABroker.com