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Mortgage Interest Rate Update Bank of Canada


Blog by Tridac Mortgage | March 2nd, 2011


No surprises yesterday when the Bank of Canada announced that it was going to keep the prime mortgage rate unchanged. The Bank has observed that the global economic recovery is proceeding as they expected and that risk remains high. You can read the entire press release here off the Bank of Canada website.
 
What does this mean to you?
If you are currently in a variable rate mortgage we see no reason to convert into a fixed rate. Although fixed rates have crept up from previous all time lows they still remain very low historically speaking. There is no indication that rates will rise unexpectedly over the coming months.
 
Thinking of refinancing?
In our last Rate Watch we shared 3 major changes to mortgage rules that come into effect on March 18th, 2011. The most significant is a reduction in the total amount a homeowner can refinance their mortgage. If you're carrying overwhelming debt, now is the time to refinance. Also consider refinancing if you are planing on tapping into your equity for major renovations, investments or any other use.  Connect with us if you're considering a refinance, your application must be submitted before March 18th.
 
Mortgages are very dynamic and the guidance that we offer is based on the circumstances of each individual. If you'd like to review your mortgage to make sure that you are still on track give us a call, we're here to help you. 416.461.0204 And remember, our mortgage services to you are free.