As expected, there was no change in the Bank of Canada press release. Bank prime remains at 3%.
This means no changes in variable rate mortgages or line of credit rates.
Five year money ranging from 3.39%-3.59% and 10 year money is at 3.99% –4.19%.
Below are the highlights of the Bank of Canada Announcement:
the global economy is expected to pick up in 2014 and 2015
- “Inflation has been low in recent months and is expected to remain subdued in the near term”
- “Monetary policy stimulus currently in place will remain appropriate
- “As the normalization of these conditions unfold, a gradual normalization of policy interest rates can also be expected”
The next Bank of Canada Announcement is scheduled for September 4th, 2013.
Bank prime is 3.0%
-Cory Kline 705-794-1283