The Bank of Canada kept its rate unchanged yesterday morning. Their wording speaks to overall economic growth, inflation issues as well as the overall global situation. It is a cautious forecast which certainly reflects what is happening out on the street. We are all aware of the higher costs of filling up our cars and the increases to our grocery bill. These increases will gradually be reflected in a higher rate of core inflation. This forecast is in line with what we expected. At this time, rates staying the same and a guarded view on future increases.
The next Bank of Canada Announcement is scheduled for July 19, 2011.
Bank prime is 3.00%.
Today’s Mortgage Rates…
•1-year Fixed: 2.64%
•3-year Fixed: 2.99%
•5-year Fixed: 3.74%
•10-year Fixed: 4.99%
•50/50 Hybrids: 2.86% (i.e., Half fixed and half variable; 90 Day closings!!)
Voted “Barrie’s Best Mortgage Professional 2010”
P.S. If you have any questions as to what this means to your mortgage, we are always here to help you with unbiased advice.