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
December 7, 2010
Fromm ATB Financial's morning economic comment: Attention turned to the Bank of Canada this morning. As the only central bank within the G7 countries to have raised interest rates in 2010 (and raising them three times over the summer), Canada’s central bank now appears to be putting rate increases on hold...
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!
April 21, 2010
You've heard of the new Bank of Canada-moderated 'qualifying rate': this is how you can find out what it is (updated weekly) and what it's used for.
January 18, 2011