Bank of Canada raises key interest rate
The Bank of Canada raised it's key interest rate by a 1/4 point today, the first time since 2007. Most lending institutions are expected to raise their lending rates by 1/4 point. as well - this means an increase in the rate for a variable-rate mortgage. Fixed rates are not affected.
Currently available rates include:
Prime: 2.50%
Variable: Prime -0.60 = 1.90%
1 Year Fixed = 2.60% (posted rate: 3.90%)
3 Year Fixed = 3.75% (posted rate: 4.95%)
5 Year Fixed = 4.29% (posted rate: 5.99%)
10 Year Fixed = 5.25% (posted rate: 6.90%)
Currently available rates include:
Prime: 2.50%
Variable: Prime -0.60 = 1.90%
1 Year Fixed = 2.60% (posted rate: 3.90%)
3 Year Fixed = 3.75% (posted rate: 4.95%)
5 Year Fixed = 4.29% (posted rate: 5.99%)
10 Year Fixed = 5.25% (posted rate: 6.90%)