With the new changes to the mortgage rules over the past few days, the Bank of Canada has decided to leave the overnight lending rate - and therefore mortgage rates - where they are for the time being. This will help balance the cooling effect that the new mortgage qualifying terms will bring about. More here from ATB's daily economic comment
July 7, 2010
The Bank of Canada's qualifying rate has drifted downwards to 5.89% as of 06.30.2010... This should help 'ease' some people's concerns (a bit) when qualifying to purchase a home with a fixed term shorter than 5 years OR with a variable rate term.
June 17, 2010
Since last week's 'blip' upwards, we've seen the major lenders bump their 'street' prime upwards, but otherwise, things are hovering at the same levels - no changes on the Bank of Canada side of things to report today, just a "refresher"!
June 2, 2010
Well... as you've probably heard by now, 'BoC Prime' has jumped upwards by 0.25% as of yesterday morning. As of yesterday afternoon, lenders jumped their 'street prime' rates upwards as well! Here's where rates stand this week:
May 27, 2010
Last week: 6.10%. This week 5.99%. Every little bit helps!
May 19, 2010
Nothing has changed since May 5 2010, but it has been widely expected by analysts and news media are expecting rates (especially Prime) to shift in the next two weeks or so… To recap both the Prime lending rate and the 6-year qualifying rate for variable/adjustable mortages or fixed terms shorter than 5 years: V121796: [...]
January 18, 2011